Ballast Inc. Sells 3,890 Shares of Medtronic plc (NYSE:MDT)

Ballast Inc. reduced its stake in Medtronic plc (NYSE:MDT) by 35.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,079 shares of the medical technology company’s stock after selling 3,890 shares during the quarter. Ballast Inc.’s holdings in Medtronic were worth $583,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. State Street Corp grew its position in shares of Medtronic by 0.3% during the 2nd quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock worth $5,339,879,000 after purchasing an additional 175,765 shares in the last quarter. Morgan Stanley boosted its position in shares of Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after acquiring an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Medtronic by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after acquiring an additional 508,205 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its position in shares of 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 worth $1,100,544,000 after acquiring an additional 14,149,287 shares in the last quarter. Finally, Norges Bank acquired a new stake in Medtronic in the fourth quarter valued at approximately $1,062,316,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of NYSE MDT opened at $87.13 on Friday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $115.69 billion, a PE ratio of 27.75, a P/E/G ratio of 2.97 and a beta of 0.76. The firm has a fifty day simple moving average of $85.23 and a 200 day simple moving average of $80.73.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the company earned $1.30 earnings per share. On average, sell-side analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.17%. The ex-dividend date is Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

Analysts Set New Price Targets

A number of analysts have weighed in on MDT shares. Truist Financial raised their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer raised their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

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.