New Wave Wealth Advisors LLC Has $292,000 Stock Position in Medtronic plc (NYSE:MDT)

New Wave Wealth Advisors LLC trimmed its position in Medtronic plc (NYSE:MDTFree Report) by 15.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,650 shares of the medical technology company’s stock after selling 665 shares during the quarter. New Wave Wealth Advisors LLC’s holdings in Medtronic were worth $292,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. EP Wealth Advisors LLC increased its position in Medtronic by 47.2% in the second quarter. EP Wealth Advisors LLC now owns 12,255 shares of the medical technology company’s stock worth $965,000 after purchasing an additional 3,931 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Medtronic during the 2nd quarter worth about $13,571,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after buying an additional 1,695,800 shares during the period. Anchor Investment Management LLC grew its position in shares of Medtronic by 30.7% during the 2nd quarter. Anchor Investment Management LLC now owns 106,247 shares of the medical technology company’s stock worth $8,363,000 after buying an additional 24,936 shares during the period. Finally, Centaurus Financial Inc. grew its position in shares of Medtronic by 34.8% during the 2nd quarter. Centaurus Financial Inc. now owns 6,250 shares of the medical technology company’s stock worth $492,000 after buying an additional 1,613 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE MDT opened at $92.01 on Friday. 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 stock’s fifty day moving average price is $84.29 and its two-hundred day moving average price is $85.91. Medtronic plc has a one year low of $75.96 and a one year high of $93.08. The firm has a market cap of $117.98 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 2.59 and a beta of 0.83.

Medtronic (NYSE:MDTGet Free Report) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. On average, equities analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. 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. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.00.

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Medtronic Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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