Medtronic plc (NYSE:MDT) Stock Position Lifted by Perigon Wealth Management LLC

Perigon Wealth Management LLC grew its position in Medtronic plc (NYSE:MDT) by 9.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 12,782 shares of the medical technology company’s stock after buying an additional 1,062 shares during the period. Perigon Wealth Management LLC’s holdings in Medtronic were worth $1,114,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in MDT. EP Wealth Advisors LLC lifted its position in shares of Medtronic by 47.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 12,255 shares of the medical technology company’s stock worth $965,000 after buying an additional 3,931 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Medtronic during the second quarter worth about $13,571,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after acquiring an additional 1,695,800 shares during the last quarter. Anchor Investment Management LLC boosted its stake in Medtronic by 30.7% in the second quarter. Anchor Investment Management LLC now owns 106,247 shares of the medical technology company’s stock valued at $8,363,000 after acquiring an additional 24,936 shares during the period. Finally, Centaurus Financial Inc. grew its holdings in shares of Medtronic by 34.8% during the second quarter. Centaurus Financial Inc. now owns 6,250 shares of the medical technology company’s stock valued at $492,000 after purchasing an additional 1,613 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MDT shares. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Sanford C. Bernstein boosted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Performance

MDT opened at $92.01 on Friday. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The company has a market capitalization of $117.98 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The business has a 50 day moving average price of $84.14 and a two-hundred day moving average price of $85.87. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the business posted $1.25 earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. Research analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. Medtronic’s payout ratio is currently 85.63%.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.