EverSource Wealth Advisors LLC Has $429,000 Holdings in Medtronic plc (NYSE:MDT)

EverSource Wealth Advisors LLC cut its position in shares of Medtronic plc (NYSE:MDT) by 14.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,204 shares of the medical technology company’s stock after selling 846 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Medtronic were worth $429,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Morgan Stanley raised its holdings in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Norges Bank bought a new stake in shares of Medtronic in the fourth quarter valued at about $1,229,726,000. Northern Trust Corp increased its stake in Medtronic by 2.1% during the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after acquiring an additional 285,819 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Medtronic by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after purchasing an additional 101,111 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after purchasing an additional 649,367 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, EVP Michael Marinaro sold 854 shares of the 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 of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

MDT stock traded down $2.26 during midday trading on Thursday, hitting $83.50. The company’s stock had a trading volume of 3,058,146 shares, compared to its average volume of 6,080,117. The stock has a market cap of $110.87 billion, a price-to-earnings ratio of 27.31, a PEG ratio of 2.78 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. The stock’s 50-day moving average price is $82.90 and its 200 day moving average price is $82.62. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter last year, the company posted $1.57 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. On average, equities analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.35%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

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.