Independent Advisor Alliance Purchases 11,075 Shares of Medtronic plc (NYSE:MDT)

Independent Advisor Alliance grew its holdings in Medtronic plc (NYSE:MDT) by 25.3% during the 4th quarter, Holdings Channel reports. The firm owned 54,907 shares of the medical technology company’s stock after purchasing an additional 11,075 shares during the period. Independent Advisor Alliance’s holdings in Medtronic were worth $4,386,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MDT. Paragon Private Wealth Management LLC lifted its holdings in Medtronic by 5.8% in the fourth quarter. Paragon Private Wealth Management LLC now owns 9,967 shares of the medical technology company’s stock valued at $796,000 after buying an additional 544 shares during the period. Meriwether Wealth & Planning LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $717,000. Daiwa Securities Group Inc. boosted its position in shares of Medtronic by 10.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 177,192 shares of the medical technology company’s stock worth $14,154,000 after purchasing an additional 16,482 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Medtronic by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 429,310 shares of the medical technology company’s stock worth $34,293,000 after purchasing an additional 9,395 shares during the period. Finally, Argentarii LLC bought a new stake in Medtronic in the fourth quarter valued at about $293,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MDT shares. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Sanford C. Bernstein lifted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $96.07.

Medtronic Stock Down 0.4 %

MDT stock opened at $93.44 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a market capitalization of $119.85 billion, a P/E ratio of 28.40, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The business has a 50-day moving average of $88.89 and a 200-day moving average of $87.88.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

About Medtronic

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.