Phillips Wealth Planners LLC Trims Stock Holdings in Medtronic plc (NYSE:MDT)

Phillips Wealth Planners LLC trimmed its holdings in Medtronic plc (NYSE:MDT) by 17.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,737 shares of the medical technology company’s stock after selling 1,248 shares during the period. Phillips Wealth Planners LLC’s holdings in Medtronic were worth $463,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Marino Stram & Associates LLC grew its stake in Medtronic by 7.8% in the 4th quarter. Marino Stram & Associates LLC now owns 7,419 shares of the medical technology company’s stock valued at $593,000 after buying an additional 534 shares in the last quarter. Westside Investment Management Inc. boosted its holdings in Medtronic by 5.1% in the 4th quarter. Westside Investment Management Inc. now owns 18,474 shares of the medical technology company’s stock valued at $1,476,000 after purchasing an additional 890 shares during the period. Magnus Financial Group LLC boosted its holdings in Medtronic by 16.9% in the 4th quarter. Magnus Financial Group LLC now owns 3,433 shares of the medical technology company’s stock valued at $274,000 after purchasing an additional 497 shares during the period. Daymark Wealth Partners LLC boosted its holdings in Medtronic by 1.1% in the 4th quarter. Daymark Wealth Partners LLC now owns 43,037 shares of the medical technology company’s stock valued at $3,438,000 after purchasing an additional 484 shares during the period. Finally, Davis Capital Management boosted its holdings in Medtronic by 36.9% in the 4th quarter. Davis Capital Management now owns 5,894 shares of the medical technology company’s stock valued at $471,000 after purchasing an additional 1,589 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Medtronic stock opened at $87.84 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $112.64 billion, a PE ratio of 26.86, a P/E/G ratio of 2.50 and a beta of 0.83. The firm has a fifty day simple moving average of $83.64 and a two-hundred day simple moving average of $85.37. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results 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 the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 earnings per share. Research analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insider Buying and Selling at Medtronic

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

Wall Street Analyst Weigh In

MDT has been the subject of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Sanford C. Bernstein lifted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Finally, Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic 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.