Avidian Wealth Solutions LLC Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

Avidian Wealth Solutions LLC lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 6.5% in the 4th quarter, HoldingsChannel reports. The firm owned 12,465 shares of the medical technology company’s stock after selling 865 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Medtronic were worth $1,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the 4th quarter valued at about $25,000. Financial Gravity Asset Management Inc. raised its stake in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares during the period. Princeton Global Asset Management LLC purchased a new stake in Medtronic in the 3rd quarter worth $31,000. Hartford Financial Management Inc. raised its position in Medtronic by 52.1% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 164 shares during the period. Finally, Rakuten Securities Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at about $49,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

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

Analysts Set New Price Targets

Several research analysts recently weighed in on MDT shares. Truist Financial upped 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 lifted their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Mizuho raised their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $94.91.

Medtronic Trading Up 1.0 %

Shares of NYSE MDT traded up $0.77 during mid-day trading on Friday, reaching $81.69. 4,987,236 shares of the company’s stock were exchanged, compared to its average volume of 6,078,836. The firm has a market capitalization of $108.47 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 2.66 and a beta of 0.78. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00. The company’s 50-day moving average is $83.08 and its 200-day moving average is $81.56. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share 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 company had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same quarter last year, the firm posted $1.30 earnings per share. Medtronic’s revenue was up 4.7% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is 87.90%.

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.