Old North State Wealth Management LLC Has $2.65 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Old North State Wealth Management LLC raised its position in Medtronic plc (NYSE:MDT) by 4.9% in the 4th quarter, HoldingsChannel reports. The fund owned 33,114 shares of the medical technology company’s stock after purchasing an additional 1,548 shares during the period. Medtronic makes up about 1.5% of Old North State Wealth Management LLC’s investment portfolio, making the stock its 25th biggest holding. Old North State Wealth Management LLC’s holdings in Medtronic were worth $2,648,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Czech National Bank raised its position in Medtronic by 3.3% in the third quarter. Czech National Bank now owns 261,279 shares of the medical technology company’s stock worth $23,523,000 after purchasing an additional 8,249 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Medtronic by 33.8% in the 3rd quarter. GAMMA Investing LLC now owns 13,024 shares of the medical technology company’s stock worth $1,173,000 after buying an additional 3,289 shares in the last quarter. Fulton Bank N.A. lifted its position in shares of Medtronic by 6.1% during the 3rd quarter. Fulton Bank N.A. now owns 16,326 shares of the medical technology company’s stock worth $1,470,000 after buying an additional 937 shares during the period. SignalPoint Asset Management LLC acquired a new stake in Medtronic in the 3rd quarter valued at $207,000. Finally, Greenfield Savings Bank grew its position in Medtronic by 72.3% in the third quarter. Greenfield Savings Bank now owns 4,886 shares of the medical technology company’s stock valued at $440,000 after acquiring an additional 2,050 shares during the period. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Medtronic Price Performance

MDT opened at $90.99 on Wednesday. The company has a fifty day moving average price of $84.47 and a two-hundred day moving average price of $86.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a market capitalization of $116.67 billion, a PE ratio of 27.82, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. As a group, analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. JPMorgan Chase & Co. dropped 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. Finally, Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average 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.