Courier Capital LLC Lowers Stock Position in Medtronic plc (NYSE:MDT)

Courier Capital LLC decreased its holdings in Medtronic plc (NYSE:MDT) by 11.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 44,109 shares of the medical technology company’s stock after selling 5,854 shares during the period. Courier Capital LLC’s holdings in Medtronic were worth $3,523,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Copley Financial Group Inc. acquired a new position in Medtronic during the 3rd quarter worth approximately $694,000. Olstein Capital Management L.P. raised its position in shares of Medtronic by 19.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after purchasing an additional 14,000 shares in the last quarter. Y Intercept Hong Kong Ltd grew its position in shares of Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares in the last quarter. Franklin Street Advisors Inc. NC increased its stake in shares of Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after buying an additional 18,057 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. acquired a new stake in Medtronic in the third quarter valued at $9,486,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock traded up $1.02 on Monday, hitting $81.68. 6,476,430 shares of the company’s stock traded hands, compared to its average volume of 7,264,500. The stock has a market cap of $104.74 billion, a price-to-earnings ratio of 24.98, a P/E/G ratio of 2.33 and a beta of 0.83. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. 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 stock has a fifty day moving average of $83.99 and a 200-day moving average of $84.95.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company posted $1.25 EPS. On average, 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. Stockholders of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.43%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm’s 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 sale, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MDT shares. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Finally, Barclays increased their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus 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.