Everett Harris & Co. CA Sells 1,979 Shares of Medtronic plc (NYSE:MDT)

Everett Harris & Co. CA trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 3.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 48,445 shares of the medical technology company’s stock after selling 1,979 shares during the quarter. Everett Harris & Co. CA’s holdings in Medtronic were worth $3,991,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MDT. State Street Corp raised its holdings in Medtronic by 0.3% in the second 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 during the period. Morgan Stanley raised its holdings in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Bank of New York Mellon Corp raised its holdings in Medtronic by 2.6% in the third 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 purchasing an additional 508,205 shares during the period. Moneta Group Investment Advisors LLC raised its holdings in Medtronic by 127,655.1% in the fourth 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 purchasing an additional 14,149,287 shares during the period. Finally, Norges Bank acquired a new stake in Medtronic in the fourth quarter worth $1,062,316,000. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MDT shares. Oppenheimer increased their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. 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. Finally, Mizuho lifted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.91.

Medtronic Stock Performance

NYSE MDT opened at $87.13 on Friday. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The firm has a 50-day moving average of $85.23 and a 200-day moving average of $80.73. The stock has a market cap of $115.69 billion, a PE ratio of 27.75, a P/E/G ratio of 2.97 and a beta of 0.76.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be issued 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 currently 87.90%.

Insider Buying and Selling at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.