PSI Advisors LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

PSI Advisors LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 41.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 429 shares of the medical technology company’s stock after selling 301 shares during the period. PSI Advisors LLC’s holdings in Medtronic were worth $34,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Federated Hermes Inc. grew its holdings in shares of Medtronic by 5.7% during the 2nd quarter. Federated Hermes Inc. now owns 195,324 shares of the medical technology company’s stock valued at $15,374,000 after purchasing an additional 10,586 shares during the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of Medtronic by 15.4% during the second quarter. Thoroughbred Financial Services LLC now owns 5,357 shares of the medical technology company’s stock valued at $421,000 after buying an additional 714 shares during the last quarter. One Capital Management LLC purchased a new position in shares of Medtronic in the second quarter worth about $245,000. Citizens Financial Group Inc. RI lifted its stake in shares of Medtronic by 243.0% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock valued at $950,000 after acquiring an additional 8,550 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Medtronic by 32.1% during the 2nd quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock valued at $50,086,000 after acquiring an additional 154,700 shares during the period. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MDT shares. Sanford C. Bernstein lifted their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Citigroup increased their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Barclays boosted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Finally, Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.00.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred 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 directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Medtronic Trading Up 4.1 %

MDT opened at $85.16 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The stock has a market cap of $109.20 billion, a PE ratio of 26.04, a PEG ratio of 2.33 and a beta of 0.83. The business has a 50 day moving average of $83.74 and a 200-day moving average of $85.01.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during 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%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.25 earnings per share. Equities research analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

About Medtronic

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.