Medtronic plc (NYSE:MDT) Stake Boosted by Kestra Private Wealth Services LLC

Kestra Private Wealth Services LLC raised its stake in Medtronic plc (NYSE:MDT) by 13.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 95,318 shares of the medical technology company’s stock after buying an additional 11,162 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Medtronic were worth $7,852,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brookstone Capital Management increased its stake in shares of Medtronic by 17.7% in the third quarter. Brookstone Capital Management now owns 74,541 shares of the medical technology company’s stock valued at $5,393,000 after purchasing an additional 11,230 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Medtronic by 7.0% in the third quarter. Commonwealth Equity Services LLC now owns 737,937 shares of the medical technology company’s stock worth $57,825,000 after purchasing an additional 48,071 shares in the last quarter. Sheets Smith Wealth Management increased its holdings in shares of Medtronic by 21.9% during the third quarter. Sheets Smith Wealth Management now owns 4,053 shares of the medical technology company’s stock valued at $318,000 after purchasing an additional 728 shares during the period. Accurate Wealth Management LLC raised its stake in shares of Medtronic by 9.9% during the third quarter. Accurate Wealth Management LLC now owns 4,583 shares of the medical technology company’s stock valued at $334,000 after purchasing an additional 413 shares in the last quarter. Finally, Colton Groome Financial Advisors LLC lifted its holdings in Medtronic by 28.2% in the third quarter. Colton Groome Financial Advisors LLC now owns 12,656 shares of the medical technology company’s stock worth $992,000 after purchasing an additional 2,786 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT traded down $0.23 during trading hours on Tuesday, hitting $80.63. 1,618,265 shares of the company were exchanged, compared to its average volume of 6,192,677. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a market capitalization of $107.06 billion, a PE ratio of 25.68, a PEG ratio of 2.73 and a beta of 0.76. The firm has a fifty day simple moving average of $83.46 and a 200-day simple moving average of $81.32. Medtronic plc has a one year low of $68.84 and a one year high of $92.02.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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 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 company posted $1.30 EPS. Medtronic’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.42%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction on 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 directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Mizuho raised their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer upped their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Finally, Truist Financial increased their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $94.91.

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.