Northstar Asset Management LLC Reduces Holdings in Medtronic plc (NYSE:MDT)

Northstar Asset Management LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 13.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,825 shares of the medical technology company’s stock after selling 1,477 shares during the period. Northstar Asset Management LLC’s holdings in Medtronic were worth $809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of MDT. Hartford Financial Management Inc. increased its position in shares of Medtronic by 425.0% in the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 255 shares during the last quarter. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in shares of Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. increased its position in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the last quarter. Finally, Princeton Global Asset Management LLC bought a new stake in shares of Medtronic in the 3rd quarter worth about $31,000. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, EVP Sean Salmon sold 30,695 shares of the company’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 completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Sean Salmon sold 30,695 shares of the company’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 completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Medtronic Price Performance

Shares of Medtronic stock traded down $2.04 on Friday, hitting $80.13. The company had a trading volume of 6,562,831 shares, compared to its average volume of 6,148,804. The business has a 50-day simple moving average of $84.65 and a 200-day simple moving average of $80.97. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a market cap of $106.40 billion, a PE ratio of 25.52, a PEG ratio of 2.81 and a beta of 0.76. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.04. The business 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 firm posted $1.30 earnings per share. Research analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MDT shares. 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 report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report 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 report on Wednesday, February 21st. Finally, 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 report on Wednesday, February 21st. One investment 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. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.91.

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.