Medtronic plc (NYSE:MDT) Shares Sold by SouthState Corp

SouthState Corp trimmed its position in Medtronic plc (NYSE:MDT) by 26.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 563 shares of the medical technology company’s stock after selling 200 shares during the quarter. SouthState Corp’s holdings in Medtronic were worth $45,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Gold Investment Management Ltd. grew its stake in Medtronic by 1.4% during the 4th quarter. Gold Investment Management Ltd. now owns 31,000 shares of the medical technology company’s stock worth $2,476,000 after buying an additional 441 shares during the last quarter. SlateStone Wealth LLC lifted its holdings in shares of Medtronic by 1.5% in the fourth quarter. SlateStone Wealth LLC now owns 55,009 shares of the medical technology company’s stock valued at $4,394,000 after buying an additional 829 shares during the period. First National Advisers LLC lifted its holdings in shares of Medtronic by 2.9% in the fourth quarter. First National Advisers LLC now owns 28,418 shares of the medical technology company’s stock valued at $2,270,000 after buying an additional 809 shares during the period. Patten & Patten Inc. TN lifted its holdings in shares of Medtronic by 29.1% during the fourth quarter. Patten & Patten Inc. TN now owns 11,539 shares of the medical technology company’s stock valued at $922,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Harbour Investments Inc. lifted its holdings in shares of Medtronic by 14.5% during the fourth quarter. Harbour Investments Inc. now owns 10,812 shares of the medical technology company’s stock valued at $864,000 after purchasing an additional 1,367 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $92.10 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The stock’s 50-day moving average is $90.12 and its two-hundred day moving average is $88.02. The firm has a market cap of $118.12 billion, a P/E ratio of 27.99, a PEG ratio of 2.22 and a beta of 0.80.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is 85.11%.

Analysts Set New Price Targets

Several brokerages have recently commented on MDT. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Wells Fargo & Company dropped their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Robert W. Baird upped their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $96.07.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

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.