Pines Wealth Management LLC Purchases New Position in Medtronic plc (NYSE:MDT)

Pines Wealth Management LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,848 shares of the medical technology company’s stock, valued at approximately $310,000.

Other large investors have also recently bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the 3rd quarter worth about $27,000. J. Stern & Co. LLP bought a new position in Medtronic during the 3rd quarter worth about $30,000. Finally, Kieckhefer Group LLC acquired a new stake in Medtronic in the 4th quarter valued at approximately $40,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent research reports. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Wells Fargo & Company reduced their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Sanford C. Bernstein boosted their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Truist Financial cut their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

MDT opened at $85.33 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The business has a fifty day simple moving average of $83.74 and a 200 day simple moving average of $85.01. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a market capitalization of $109.42 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the company posted $1.25 earnings per share. Medtronic’s revenue was up 5.2% compared to the same quarter last year. Research analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.28%. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the 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 of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by company insiders.

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.