Laurel Wealth Advisors LLC Increases Stake in Medtronic plc (NYSE:MDT)

Laurel Wealth Advisors LLC increased its holdings in shares of Medtronic plc (NYSE:MDT) by 80.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 10,332 shares of the medical technology company’s stock after purchasing an additional 4,622 shares during the period. Laurel Wealth Advisors LLC’s holdings in Medtronic were worth $851,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Marino Stram & Associates LLC increased its stake in shares of Medtronic by 1.8% in the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after buying an additional 126 shares during the last quarter. Rogco LP boosted its holdings in shares of Medtronic by 1.9% during the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after acquiring an additional 129 shares during the period. Verity Asset Management Inc. boosted its holdings in shares of Medtronic by 4.3% during the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock valued at $263,000 after acquiring an additional 132 shares during the period. Modera Wealth Management LLC boosted its holdings in shares of Medtronic by 3.9% during the third quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock valued at $277,000 after acquiring an additional 133 shares during the period. Finally, jvl associates llc boosted its holdings in shares of Medtronic by 3.8% during the fourth quarter. jvl associates llc now owns 3,840 shares of the medical technology company’s stock valued at $316,000 after acquiring an additional 139 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Medtronic stock traded up $0.49 during midday trading on Friday, hitting $79.74. The company’s stock had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average price is $83.53 and its 200-day moving average price is $81.16. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02. The company has a market capitalization of $105.88 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MDT shares. Truist Financial boosted their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Oppenheimer boosted their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $94.91.

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.