Medtronic plc (NYSE:MDT) Shares Sold by Hazlett Burt & Watson Inc.

Hazlett Burt & Watson Inc. trimmed its holdings in Medtronic plc (NYSE:MDT) by 21.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 741 shares of the medical technology company’s stock after selling 200 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Medtronic were worth $61,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Morgan Stanley increased its holdings in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Medtronic by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock valued at $1,597,954,000 after acquiring an additional 508,205 shares during the period. Moneta Group Investment Advisors LLC increased its holdings in shares of Medtronic by 127,655.1% in 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 acquiring an additional 14,149,287 shares during the period. Norges Bank acquired a new position in Medtronic in the 4th quarter valued at $1,062,316,000. Finally, Northern Trust Corp increased its stake in Medtronic by 2.1% in the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after buying an additional 285,819 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $82.92 on Tuesday. Medtronic plc has a one year low of $68.84 and a one year 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 company’s fifty day moving average is $85.08 and its two-hundred day moving average is $80.93. The firm has a market capitalization of $110.10 billion, a P/E ratio of 26.41, a PEG ratio of 2.89 and a beta of 0.76.

Medtronic (NYSE:MDT) last released its earnings results 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 company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.30 EPS. Analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio is currently 87.90%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Mizuho boosted their price objective 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer boosted their price objective 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. Finally, Truist Financial boosted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $94.91.

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.