Signet Financial Management LLC Reduces Holdings in Medtronic plc (NYSE:MDT)

Signet Financial Management LLC cut its stake in shares of Medtronic plc (NYSE:MDT) by 12.3% in the 4th quarter, HoldingsChannel reports. The fund owned 2,963 shares of the medical technology company’s stock after selling 417 shares during the quarter. Signet Financial Management LLC’s holdings in Medtronic were worth $244,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Marino Stram & Associates LLC lifted its holdings in Medtronic by 1.8% in the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after buying an additional 126 shares during the period. St. James Investment Company LLC lifted its holdings in Medtronic by 20.5% in the 4th quarter. St. James Investment Company LLC now owns 385,160 shares of the medical technology company’s stock worth $31,729,000 after buying an additional 65,570 shares during the period. LifePlan Financial LLC purchased a new stake in Medtronic in the 4th quarter worth approximately $1,497,000. VELA Investment Management LLC lifted its holdings in Medtronic by 14.5% in the 4th quarter. VELA Investment Management LLC now owns 40,401 shares of the medical technology company’s stock worth $3,328,000 after buying an additional 5,127 shares during the period. Finally, Capital Analysts LLC lifted its holdings in Medtronic by 1.5% in the 4th quarter. Capital Analysts LLC now owns 89,394 shares of the medical technology company’s stock worth $7,364,000 after buying an additional 1,337 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

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

Medtronic Stock Down 0.2 %

MDT stock opened at $79.08 on Thursday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The firm has a market cap of $105.00 billion, a PE ratio of 25.18, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. The business has a 50 day moving average of $84.18 and a 200 day moving average of $81.01.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

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.