Cornerstone Wealth Management LLC Buys 1,464 Shares of Medtronic plc (NYSE:MDT)

Cornerstone Wealth Management LLC boosted its stake in shares of Medtronic plc (NYSE:MDT) by 11.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 14,242 shares of the medical technology company’s stock after acquiring an additional 1,464 shares during the period. Cornerstone Wealth Management LLC’s holdings in Medtronic were worth $1,138,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new position in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic in the 3rd quarter valued at $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic in the 3rd quarter valued at $30,000. Finally, Kieckhefer Group LLC bought a new position in shares of Medtronic in the 4th quarter valued at $40,000. Institutional investors own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated 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 directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

MDT has been the topic of several recent analyst reports. Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Truist Financial cut their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Evercore ISI raised their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 0.9 %

Shares of NYSE:MDT opened at $90.07 on Friday. The company has a market capitalization of $115.49 billion, a price-to-earnings ratio of 27.54, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The business’s 50-day moving average is $83.70 and its 200-day moving average is $85.41. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.25 EPS. Equities research analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is 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.