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

Outfitter Financial LLC reduced its stake in Medtronic plc (NYSE:MDT) by 12.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,313 shares of the medical technology company’s stock after selling 2,011 shares during the quarter. Outfitter Financial LLC’s holdings in Medtronic were worth $1,179,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Loudon Investment Management LLC boosted its position in Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after purchasing an additional 874 shares in the last quarter. BKM Wealth Management LLC purchased a new position in shares of Medtronic during the fourth quarter worth $941,000. International Assets Investment Management LLC grew its position in shares of Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after buying an additional 1,026,274 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Medtronic by 69.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after acquiring an additional 16,574 shares in the last quarter. Finally, Apollon Wealth Management LLC grew its holdings in shares of Medtronic by 43.0% during the fourth quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock worth $4,185,000 after purchasing an additional 15,265 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of MDT traded down $0.33 during midday trading on Friday, hitting $82.43. The company’s stock had a trading volume of 1,497,909 shares, compared to its average volume of 6,103,092. The company’s fifty day simple moving average is $82.96 and its two-hundred day simple moving average is $81.70. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The stock has a market capitalization of $109.45 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $7.95 billion. During the same period in the prior year, the business earned $1.30 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.35%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is presently 87.90%.

Insider Activity

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

Analyst Upgrades and Downgrades

MDT has been the subject of several recent analyst reports. 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. Truist Financial lifted their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer boosted their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Finally, Mizuho boosted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One equities 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 data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.