Spire Wealth Management Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Spire Wealth Management lifted its stake in shares of Medtronic plc (NYSE:MDT) by 26.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 11,849 shares of the medical technology company’s stock after buying an additional 2,481 shares during the period. Spire Wealth Management’s holdings in Medtronic were worth $946,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new position in Medtronic in the third quarter worth $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic in the third quarter worth $27,000. J. Stern & Co. LLP purchased a new position in Medtronic in the third quarter worth $30,000. Finally, Fiduciary Advisors Inc. purchased a new position in Medtronic in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is owned by company insiders.

Medtronic Stock Performance

NYSE:MDT opened at $90.99 on Wednesday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The business’s fifty day moving average is $84.47 and its 200 day moving average is $86.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a market cap of $116.67 billion, a price-to-earnings ratio of 27.82, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping 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 period in the previous year, the business earned $1.25 earnings per share. The firm’s 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 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 given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Analyst Ratings Changes

Several research analysts have weighed in on MDT shares. Truist Financial cut their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Company 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.