Proquility Private Wealth Partners LLC Has $1.60 Million Position in Medtronic plc (NYSE:MDT)

Proquility Private Wealth Partners LLC lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 53.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 20,054 shares of the medical technology company’s stock after selling 22,872 shares during the period. Proquility Private Wealth Partners LLC’s holdings in Medtronic were worth $1,602,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Edgestream Partners L.P. acquired a new position in shares of Medtronic during the second quarter valued at about $239,000. AE Wealth Management LLC raised its holdings in Medtronic by 24.7% in the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock valued at $754,000 after acquiring an additional 1,896 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its position in shares of Medtronic by 38.5% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 10,013 shares of the medical technology company’s stock worth $788,000 after acquiring an additional 2,786 shares during the period. Public Sector Pension Investment Board grew its holdings in shares of Medtronic by 68.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 51,014 shares of the medical technology company’s stock worth $4,015,000 after purchasing an additional 20,660 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its position in shares of Medtronic by 17.9% during the second quarter. Evergreen Capital Management LLC now owns 11,422 shares of the medical technology company’s stock valued at $907,000 after purchasing an additional 1,736 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $88.35 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The stock has a market capitalization of $113.29 billion, a price-to-earnings ratio of 27.02, a PEG ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The business has a 50-day moving average of $83.64 and a 200-day moving average of $85.29.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.25 earnings per share. As a group, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is 85.63%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDT. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Sanford C. Bernstein lifted their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.00.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.20% 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.