Portfolio Design Labs LLC Boosts Holdings in Medtronic plc (NYSE:MDT)

Portfolio Design Labs LLC grew its position in Medtronic plc (NYSE:MDT) by 67.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,422 shares of the medical technology company’s stock after buying an additional 1,781 shares during the period. Portfolio Design Labs LLC’s holdings in Medtronic were worth $353,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Sovran Advisors LLC purchased a new stake in shares of Medtronic in the 4th quarter valued at approximately $415,000. Strengthening Families & Communities LLC grew its stake in shares of Medtronic by 8.6% in the 4th quarter. Strengthening Families & Communities LLC now owns 23,118 shares of the medical technology company’s stock valued at $1,847,000 after buying an additional 1,833 shares during the period. Peterson Wealth Services grew its stake in shares of Medtronic by 3.9% in the 4th quarter. Peterson Wealth Services now owns 18,254 shares of the medical technology company’s stock valued at $1,458,000 after buying an additional 686 shares during the period. Stonebridge Financial Group LLC purchased a new stake in shares of Medtronic in the 4th quarter valued at approximately $2,438,000. Finally, Core Alternative Capital grew its stake in shares of Medtronic by 4.4% in the 4th quarter. Core Alternative Capital now owns 42,517 shares of the medical technology company’s stock valued at $3,396,000 after buying an additional 1,811 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Medtronic stock opened at $91.35 on Thursday. The firm has a market cap of $117.14 billion, a PE ratio of 27.94, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average is $85.04 and its two-hundred day moving average is $86.65.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the firm posted $1.25 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, research analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MDT. Sanford C. Bernstein upped their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Wells Fargo & Company decreased 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.20% of the company’s stock.

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.