Ballast Advisors LLC Sells 635 Shares of Medtronic plc (NYSE:MDT)

Ballast Advisors LLC lowered its stake in Medtronic plc (NYSE:MDT) by 10.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 5,482 shares of the medical technology company’s stock after selling 635 shares during the period. Ballast Advisors LLC’s holdings in Medtronic were worth $452,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Fairfield Bush & CO. acquired a new position in Medtronic in the 1st quarter valued at $47,000. MAS Advisors LLC grew its stake in shares of Medtronic by 10.3% in the first quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock valued at $266,000 after acquiring an additional 223 shares in the last quarter. LSV Asset Management grew its stake in shares of Medtronic by 34.5% in the first quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock valued at $821,000 after acquiring an additional 1,900 shares in the last quarter. NewEdge Advisors LLC increased its position in Medtronic by 22.8% during the first quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock worth $8,312,000 after acquiring an additional 13,895 shares during the period. Finally, Kinneret Advisory LLC raised its stake in Medtronic by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock worth $1,712,000 after purchasing an additional 343 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

NYSE:MDT traded up $0.86 on Monday, hitting $80.99. The company had a trading volume of 2,589,119 shares, compared to its average volume of 6,237,644. The stock has a market capitalization of $107.54 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 2.74 and a beta of 0.76. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $84.65 and a two-hundred day moving average of $81.01.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same quarter last year, the business earned $1.30 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.41%. Medtronic’s dividend payout ratio is 87.90%.

Insider Activity at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial lifted their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Mizuho upped their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Oppenheimer raised their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.91.

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.