Saxon Interests Inc. Has $1.03 Million Stock Position in Medtronic plc (NYSE:MDT)

Saxon Interests Inc. increased its position in Medtronic plc (NYSE:MDT) by 9.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,923 shares of the medical technology company’s stock after buying an additional 1,075 shares during the period. Saxon Interests Inc.’s holdings in Medtronic were worth $1,032,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MDT. Fortitude Family Office LLC acquired a new position in shares of Medtronic during the third quarter valued at about $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new position in Medtronic during the 3rd quarter valued at about $27,000. J. Stern & Co. LLP bought a new stake in Medtronic during the 3rd quarter worth approximately $30,000. Finally, Kieckhefer Group LLC purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $40,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the 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 transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, Barclays upped their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

Shares of MDT opened at $87.66 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market capitalization of $112.40 billion, a price-to-earnings ratio of 26.81, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The stock’s 50-day simple moving average is $83.65 and its 200 day simple moving average is $85.01.

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

Medtronic Dividend Announcement

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 3.19%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is 85.63%.

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.