Harrell Investment Partners LLC Decreases Stake in Medtronic plc (NYSE:MDT)

Harrell Investment Partners LLC lowered its holdings in Medtronic plc (NYSE:MDT) by 1.2% in the 4th quarter, Holdings Channel reports. The firm owned 45,286 shares of the medical technology company’s stock after selling 545 shares during the period. Harrell Investment Partners LLC’s holdings in Medtronic were worth $3,617,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. KFG Wealth Management LLC raised its stake in shares of Medtronic by 5.5% in the fourth quarter. KFG Wealth Management LLC now owns 2,725 shares of the medical technology company’s stock worth $218,000 after purchasing an additional 141 shares during the last quarter. Affiance Financial LLC raised its stake in shares of Medtronic by 22.1% in the fourth quarter. Affiance Financial LLC now owns 3,873 shares of the medical technology company’s stock worth $309,000 after purchasing an additional 700 shares during the last quarter. Olstein Capital Management L.P. raised its stake in shares of Medtronic by 8.0% in the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock worth $7,509,000 after purchasing an additional 7,000 shares during the last quarter. Flagship Harbor Advisors LLC raised its stake in shares of Medtronic by 33.2% in the fourth quarter. Flagship Harbor Advisors LLC now owns 10,594 shares of the medical technology company’s stock worth $846,000 after purchasing an additional 2,638 shares during the last quarter. Finally, Insight Inv LLC raised its stake in shares of Medtronic by 4.9% in the fourth quarter. Insight Inv LLC now owns 14,906 shares of the medical technology company’s stock worth $1,191,000 after purchasing an additional 698 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Medtronic Stock Performance

NYSE MDT opened at $90.07 on Friday. The firm has a market cap of $115.49 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $83.75 and a 200-day moving average price of $85.50. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 earnings per share. As a group, equities research analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is presently 85.63%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays boosted their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $95.00.

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.