Global Retirement Partners LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

Global Retirement Partners LLC lifted its position in shares of Medtronic plc (NYSE:MDT) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 28,836 shares of the medical technology company’s stock after purchasing an additional 617 shares during the period. Global Retirement Partners LLC’s holdings in Medtronic were worth $2,303,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Clear Harbor Asset Management LLC boosted its holdings in shares of Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares during the period. Guardian Wealth Management Inc. raised its stake in Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after buying an additional 115 shares in the last quarter. First City Capital Management Inc. raised its stake in Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares in the last quarter. Hardy Reed LLC raised its stake in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after buying an additional 116 shares in the last quarter. Finally, Lake Street Advisors Group LLC raised its stake in Medtronic by 2.0% in the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after buying an additional 118 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MDT. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday. Sanford C. Bernstein increased their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.20.

Medtronic Price Performance

NYSE MDT opened at $88.14 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm’s 50 day moving average price is $85.93 and its 200-day moving average price is $87.03. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The company has a market cap of $113.02 billion, a PE ratio of 26.79, a P/E/G ratio of 2.44 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.11%. Sell-side analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders 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 3.18%. Medtronic’s dividend payout ratio is currently 85.11%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction 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 transaction, 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 document filed with the SEC, which is available at this hyperlink. Corporate 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.