Allworth Financial LP Increases Holdings in Medtronic plc (NYSE:MDT)

Allworth Financial LP grew its holdings in Medtronic plc (NYSE:MDT) by 42.5% during the fourth quarter, HoldingsChannel reports. The fund owned 40,408 shares of the medical technology company’s stock after purchasing an additional 12,055 shares during the period. Allworth Financial LP’s holdings in Medtronic were worth $3,549,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Securities Inc. lifted its position in shares of Medtronic by 24.5% during the 4th quarter. Principal Securities Inc. now owns 59,314 shares of the medical technology company’s stock worth $4,738,000 after buying an additional 11,658 shares during the last quarter. TigerOak Management L.L.C. purchased a new stake in Medtronic in the fourth quarter valued at $361,000. Roxbury Financial LLC acquired a new position in Medtronic in the fourth quarter valued at $262,000. Hickory Asset Management Inc. purchased a new position in shares of Medtronic during the fourth quarter worth about $232,000. Finally, Manchester Capital Management LLC lifted its holdings in shares of Medtronic by 4.2% in the 4th quarter. Manchester Capital Management LLC now owns 5,624 shares of the medical technology company’s stock valued at $449,000 after purchasing an additional 228 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s 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 directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by company insiders.

Medtronic Stock Up 0.9 %

Medtronic stock opened at $93.02 on Tuesday. The stock’s 50 day moving average price is $85.51 and its 200 day moving average price is $86.90. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The company has a market cap of $119.28 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. 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 (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MDT shares. Sanford C. Bernstein raised their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 12th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Robert W. Baird reduced their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has an average rating of “Hold” and an average price target of $95.00.

About Medtronic

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.