Bahl & Gaynor Inc. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Bahl & Gaynor Inc. decreased its position in shares of Medtronic plc (NYSE:MDT) by 82.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 134,116 shares of the medical technology company’s stock after selling 646,082 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Medtronic were worth $11,048,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in MDT. Hartford Financial Management Inc. boosted its holdings in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 255 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Medtronic in the fourth quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. boosted its holdings in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. raised its position in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC bought a new position in Medtronic in the third quarter worth approximately $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Medtronic Price Performance

Shares of MDT stock traded up $0.48 on Friday, hitting $79.73. 5,024,598 shares of the stock traded hands, compared to its average volume of 6,250,930. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The firm has a market cap of $105.87 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 2.75 and a beta of 0.76. The firm has a 50 day simple moving average of $83.53 and a two-hundred day simple moving average of $81.16. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. Medtronic’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.30 EPS. As a group, equities research analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.46%. Medtronic’s dividend payout ratio is currently 87.90%.

Analysts Set New Price Targets

Several research firms have weighed in on MDT. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial increased their price target on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer increased their price target on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Finally, Mizuho increased their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $94.91.

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.