Medtronic plc (NYSE:MDT) Shares Purchased by Empowered Funds LLC

Empowered Funds LLC grew its stake in shares of Medtronic plc (NYSE:MDT) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,822 shares of the medical technology company’s stock after acquiring an additional 2,778 shares during the quarter. Empowered Funds LLC’s holdings in Medtronic were worth $8,453,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Fortitude Family Office LLC purchased a new position in Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the 3rd quarter worth $27,000. J. Stern & Co. LLP acquired a new position in Medtronic in the third quarter valued at $30,000. Finally, Stephens Consulting LLC grew its position in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Robert W. Baird cut their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Sanford C. Bernstein raised their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Barclays boosted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Truist Financial decreased their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $95.00.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Medtronic Stock Down 0.9 %

MDT stock opened at $90.01 on Monday. The firm has a fifty day moving average price of $84.85 and a two-hundred day moving average price of $86.43. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The firm has a market cap of $115.42 billion, a price-to-earnings ratio of 27.53, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last released 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 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 business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 EPS. Research analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

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