Spire Wealth Management Grows Holdings in Medtronic plc (NYSE:MDT)

Spire Wealth Management lifted its holdings in Medtronic plc (NYSE:MDTFree Report) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,731 shares of the medical technology company’s stock after purchasing an additional 611 shares during the period. Spire Wealth Management’s holdings in Medtronic were worth $1,154,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Moneta Group Investment Advisors LLC grew its holdings in Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after buying an additional 14,149,287 shares in the last quarter. Norges Bank purchased a new stake in Medtronic during the 4th quarter valued at approximately $1,062,316,000. Bank of New York Mellon Corp grew its holdings in Medtronic by 33.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after buying an additional 4,816,172 shares in the last quarter. Portside Wealth Group LLC purchased a new stake in Medtronic during the 2nd quarter valued at approximately $222,063,000. Finally, Bank of Montreal Can purchased a new stake in Medtronic during the 2nd quarter valued at approximately $196,503,000. Institutional investors own 80.75% of the company’s stock.

Medtronic Stock Up 1.1 %

Shares of MDT opened at $87.74 on Wednesday. The company has a market cap of $116.66 billion, a PE ratio of 28.58, a P/E/G ratio of 3.03 and a beta of 0.78. The business has a fifty day moving average of $83.81 and a 200 day moving average of $80.45. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The company has a quick ratio of 1.69, a current ratio of 2.29 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. Medtronic had a return on equity of 13.73% and a net margin of 12.83%. The company had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the company earned $1.30 earnings per share. Medtronic’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts expect that Medtronic plc will post 5.16 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Wednesday, December 20th were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $2.76 annualized dividend and a dividend yield of 3.15%. Medtronic’s dividend payout ratio (DPR) is 89.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MDT shares. Royal Bank of Canada increased their price objective on shares of Medtronic from $82.00 to $92.00 and gave the company a “sector perform” rating in a report on Friday, January 12th. Morgan Stanley cut their target price on shares of Medtronic from $104.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 22nd. Finally, Truist Financial raised their target price on shares of Medtronic from $84.00 to $87.00 and gave the company a “hold” rating in a report on Friday, December 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $93.92.

Read Our Latest Stock Report on Medtronic

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 4,997 shares of Medtronic stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $82.17, for a total transaction of $410,603.49. Following the completion of the sale, the executive vice president now directly owns 28,910 shares in the company, valued at $2,375,534.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Medtronic 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.

Further Reading

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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