Dorsey & Whitney Trust CO LLC Sells 24,527 Shares of Medtronic plc (NYSE:MDT)

Dorsey & Whitney Trust CO LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 21.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,573 shares of the medical technology company’s stock after selling 24,527 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Medtronic were worth $7,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of MDT. Western Pacific Wealth Management LP bought a new stake in shares of Medtronic during the third quarter valued at approximately $94,000. Portside Wealth Group LLC raised its position in shares of Medtronic by 9.3% during the third quarter. Portside Wealth Group LLC now owns 58,705 shares of the medical technology company’s stock valued at $5,285,000 after buying an additional 5,014 shares during the last quarter. Beacon Harbor Wealth Advisors Inc. raised its position in shares of Medtronic by 2.2% during the third quarter. Beacon Harbor Wealth Advisors Inc. now owns 73,047 shares of the medical technology company’s stock valued at $6,576,000 after buying an additional 1,587 shares during the last quarter. Confluence Investment Management LLC raised its position in shares of Medtronic by 0.9% during the third quarter. Confluence Investment Management LLC now owns 216,499 shares of the medical technology company’s stock valued at $19,491,000 after buying an additional 1,853 shares during the last quarter. Finally, Trinity Legacy Partners LLC raised its position in shares of Medtronic by 8.1% during the third quarter. Trinity Legacy Partners LLC now owns 55,892 shares of the medical technology company’s stock valued at $5,031,000 after buying an additional 4,181 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Sanford C. Bernstein boosted their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, Robert W. Baird boosted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $96.07.

Insider Activity

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

Medtronic Trading Up 1.6 %

MDT stock opened at $94.58 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $95.57. The stock has a market capitalization of $121.30 billion, a price-to-earnings ratio of 28.75, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The firm’s fifty day simple moving average is $88.33 and its two-hundred day simple moving average is $87.78.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

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.