RNC Capital Management LLC Has $30.62 Million Holdings in Medtronic plc (NYSE:MDT)

RNC Capital Management LLC reduced its position in Medtronic plc (NYSE:MDT) by 12.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 383,292 shares of the medical technology company’s stock after selling 52,280 shares during the period. Medtronic comprises about 1.6% of RNC Capital Management LLC’s holdings, making the stock its 29th largest position. RNC Capital Management LLC’s holdings in Medtronic were worth $30,617,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC acquired a new position in Medtronic in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the 3rd quarter worth about $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the 3rd quarter worth about $27,000. Stephens Consulting LLC boosted its stake in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares in the last quarter. Finally, J. Stern & Co. LLP bought a new stake in shares of Medtronic during the 3rd quarter worth about $30,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the 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 completion of the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MDT. Robert W. Baird decreased their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Price Performance

Shares of MDT stock opened at $90.85 on Friday. The stock has a 50 day moving average of $84.69 and a two-hundred day moving average of $86.28. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08. The company has a market capitalization of $116.50 billion, a P/E ratio of 27.78, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the company earned $1.25 EPS. The company’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic’s payout ratio is presently 85.63%.

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.