Bartlett & CO. Wealth Management LLC Sells 2,472 Shares of Medtronic plc (NYSE:MDT)

Bartlett & CO. Wealth Management LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 26.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,805 shares of the medical technology company’s stock after selling 2,472 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in Medtronic were worth $548,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the third quarter valued at approximately $30,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $40,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MDT. Wells Fargo & Company cut their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Evercore ISI raised their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One equities 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $95.00.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Medtronic stock opened at $90.07 on Friday. Medtronic plc has a 12 month low of $75.96 and a 12 month 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 business’s 50 day simple moving average is $83.70 and its 200 day simple moving average is $85.41. The company has a market cap of $115.49 billion, a price-to-earnings ratio of 27.54, a PEG ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts forecast 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. Shareholders of record on Friday, December 27th were given 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 3.11%. Medtronic’s dividend payout ratio is currently 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.