Beta Wealth Group Inc. Sells 496 Shares of Medtronic plc (NYSE:MDT)

Beta Wealth Group Inc. trimmed its holdings in Medtronic plc (NYSE:MDT) by 8.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,405 shares of the medical technology company’s stock after selling 496 shares during the quarter. Beta Wealth Group Inc.’s holdings in Medtronic were worth $445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Norges Bank bought a new stake in Medtronic during the 4th quarter valued at about $1,229,726,000. First Eagle Investment Management LLC increased its stake in Medtronic by 54.5% during the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after purchasing an additional 3,320,800 shares in the last quarter. Pzena Investment Management LLC increased its stake in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after purchasing an additional 3,037,394 shares in the last quarter. Morgan Stanley increased its stake in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in Medtronic by 30.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock valued at $406,004,000 after purchasing an additional 1,199,639 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MDT. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Friday. Truist Financial dropped their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday. UBS Group raised their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday. Oppenheimer raised 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $94.45.

Medtronic Stock Performance

Shares of MDT traded up $0.91 on Friday, reaching $82.29. The company’s stock had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.71. The stock has a market capitalization of $109.27 billion, a P/E ratio of 29.92, a PEG ratio of 2.68 and a beta of 0.78. The stock’s 50 day simple moving average is $82.81 and its two-hundred day simple moving average is $82.83. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the firm earned $1.57 earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. Research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.40%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 100.36%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

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.