Bowman & Co S.C. Decreases Position in Medtronic plc (NYSE:MDT)

Bowman & Co S.C. lowered its holdings in Medtronic plc (NYSE:MDT) by 4.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,801 shares of the medical technology company’s stock after selling 867 shares during the period. Bowman & Co S.C.’s holdings in Medtronic were worth $1,343,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MDT. Edgestream Partners L.P. purchased a new position in Medtronic in the second quarter valued at about $239,000. Ieq Capital LLC lifted its holdings in Medtronic by 18.8% during the 2nd quarter. Ieq Capital LLC now owns 64,510 shares of the medical technology company’s stock worth $5,078,000 after buying an additional 10,187 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Medtronic by 1.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,524,196 shares of the medical technology company’s stock worth $119,969,000 after buying an additional 15,085 shares during the last quarter. Bridges Investment Management Inc. acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $2,904,000. Finally, AE Wealth Management LLC grew its position in shares of Medtronic by 24.7% in the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after acquiring an additional 1,896 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 1.2 %

Shares of Medtronic stock opened at $88.23 on Friday. The business’s fifty day moving average price is $83.64 and its two-hundred day moving average price is $85.10. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a market capitalization of $113.13 billion, a P/E ratio of 26.98, a PEG ratio of 2.28 and a beta of 0.83. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the business earned $1.25 EPS. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, research analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Analysts Set New Price Targets

Several brokerages have recently commented on MDT. Robert W. Baird decreased their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Sanford C. Bernstein lifted their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $95.00.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

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.