Orion Portfolio Solutions LLC Has $5.25 Million Position in Medtronic plc (NYSE:MDT)

Orion Portfolio Solutions LLC decreased its stake in Medtronic plc (NYSE:MDT) by 24.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,682 shares of the medical technology company’s stock after selling 19,838 shares during the period. Orion Portfolio Solutions LLC’s holdings in Medtronic were worth $5,253,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MDT. Lincoln National Corp lifted its position in shares of Medtronic by 11.4% in the 3rd quarter. Lincoln National Corp now owns 11,450 shares of the medical technology company’s stock worth $897,000 after purchasing an additional 1,172 shares during the period. Wealthspire Advisors LLC boosted its position in Medtronic by 41.9% during the third quarter. Wealthspire Advisors LLC now owns 9,558 shares of the medical technology company’s stock valued at $749,000 after acquiring an additional 2,824 shares during the last quarter. Cape Investment Advisory Inc. grew its holdings in Medtronic by 25.5% during the 3rd quarter. Cape Investment Advisory Inc. now owns 2,828 shares of the medical technology company’s stock worth $222,000 after acquiring an additional 574 shares during the period. Sivik Global Healthcare LLC raised its position in shares of Medtronic by 33.3% in the 3rd quarter. Sivik Global Healthcare LLC now owns 80,000 shares of the medical technology company’s stock worth $6,269,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Medtronic by 7.0% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,322,080 shares of the medical technology company’s stock valued at $103,598,000 after purchasing an additional 86,957 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $82.29 on Monday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock has a 50 day moving average price of $82.81 and a two-hundred day moving average price of $82.83. The firm has a market capitalization of $109.27 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.69 and a beta of 0.78.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the prior year, the company posted $1.57 earnings per share. Medtronic’s revenue was up .5% compared to the same quarter last year. Equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Friday. Truist Financial reduced their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday. Mizuho boosted their target price 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. Oppenheimer raised their price target 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. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.00.

Insider Buying and Selling

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.30% of the stock is owned by corporate 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.