Sovran Advisors LLC Takes Position in Medtronic plc (NYSE:MDT)

Sovran Advisors LLC bought a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 4,871 shares of the medical technology company’s stock, valued at approximately $415,000.

Several other hedge funds have also made changes to their positions in MDT. Fortitude Family Office LLC acquired a new stake in shares of Medtronic in the third quarter valued at $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the 3rd quarter valued at $27,000. Stephens Consulting LLC lifted its holdings in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Finally, J. Stern & Co. LLP acquired a new position in Medtronic during the third quarter worth approximately $30,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.2 %

NYSE MDT opened at $91.35 on Thursday. The business has a 50 day moving average price of $85.04 and a two-hundred day moving average price of $86.65. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market cap of $117.14 billion, a PE ratio of 27.94, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued 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. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts predict 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. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MDT shares. Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Wells Fargo & Company decreased their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Finally, Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Insider Buying and Selling

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

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.