Medtronic plc (NYSE:MDT) Shares Sold by Cornell Pochily Investment Advisors Inc.

Cornell Pochily Investment Advisors Inc. lessened its stake in shares of Medtronic plc (NYSE:MDT) by 26.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,531 shares of the medical technology company’s stock after selling 1,663 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Medtronic were worth $373,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Fairfield Bush & CO. purchased a new position in Medtronic in the first quarter valued at about $47,000. MAS Advisors LLC boosted its stake in Medtronic by 10.3% in the first quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock valued at $266,000 after acquiring an additional 223 shares during the period. LSV Asset Management boosted its stake in Medtronic by 34.5% in the first quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock valued at $821,000 after acquiring an additional 1,900 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Medtronic by 22.8% during the first quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after buying an additional 13,895 shares during the last quarter. Finally, Kinneret Advisory LLC raised its holdings in shares of Medtronic by 2.3% during the first quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock valued at $1,712,000 after buying an additional 343 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT traded up $0.32 during mid-day trading on Thursday, hitting $87.24. 1,214,252 shares of the company traded hands, compared to its average volume of 6,216,606. The business has a 50-day moving average of $85.21 and a 200 day moving average of $80.68. Medtronic plc has a one year low of $68.84 and a one year high of $92.02. The stock has a market capitalization of $115.84 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 2.86 and a beta of 0.76. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The business 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%. Medtronic’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.30 earnings per share. As a group, equities analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be issued a dividend of $0.69 per share. The ex-dividend date is Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.16%. Medtronic’s payout ratio is 87.90%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Truist Financial lifted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer upped their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, Mizuho upped 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 analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target of $94.91.

Insider Buying and Selling

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction 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 completion of the transaction, 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 can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Medtronic 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.