Great Lakes Retirement Inc. Lowers Stock Holdings in Medtronic plc (NYSE:MDT)

Great Lakes Retirement Inc. reduced its position in Medtronic plc (NYSE:MDT) by 1.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,904 shares of the medical technology company’s stock after selling 232 shares during the quarter. Great Lakes Retirement Inc.’s holdings in Medtronic were worth $1,270,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Procyon Advisors LLC boosted its holdings in Medtronic by 8.9% during the 3rd quarter. Procyon Advisors LLC now owns 16,402 shares of the medical technology company’s stock valued at $1,476,000 after acquiring an additional 1,335 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter valued at approximately $234,000. CX Institutional grew its holdings in shares of Medtronic by 9.1% in the third quarter. CX Institutional now owns 7,290 shares of the medical technology company’s stock worth $656,000 after purchasing an additional 608 shares during the last quarter. First Pacific Financial grew its holdings in shares of Medtronic by 5.1% in the third quarter. First Pacific Financial now owns 10,115 shares of the medical technology company’s stock worth $911,000 after purchasing an additional 490 shares during the last quarter. Finally, Lynch & Associates IN increased its stake in shares of Medtronic by 15.8% in the third quarter. Lynch & Associates IN now owns 7,324 shares of the medical technology company’s stock worth $659,000 after buying an additional 1,000 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $91.18 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company’s fifty day moving average price is $84.93 and its 200-day moving average price is $86.56. The stock has a market cap of $116.92 billion, a PE ratio of 27.88, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the company earned $1.25 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. On average, equities analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Robert W. Baird dropped their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Barclays increased their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Sanford C. Bernstein boosted their price target 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 price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, 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 research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.00.

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.