Leisure Capital Management Boosts Stock Position in Medtronic plc (NYSE:MDT)

Leisure Capital Management increased its position in shares of Medtronic plc (NYSE:MDT) by 1.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 13,040 shares of the medical technology company’s stock after acquiring an additional 240 shares during the period. Leisure Capital Management’s holdings in Medtronic were worth $1,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MDT. Centaurus Financial Inc. boosted its stake in shares of Medtronic by 34.8% in the second quarter. Centaurus Financial Inc. now owns 6,250 shares of the medical technology company’s stock valued at $492,000 after purchasing an additional 1,613 shares during the period. Czech National Bank boosted its position in Medtronic by 3.3% in the 3rd quarter. Czech National Bank now owns 261,279 shares of the medical technology company’s stock valued at $23,523,000 after buying an additional 8,249 shares during the period. Park Avenue Securities LLC grew its stake in shares of Medtronic by 3.3% in the third quarter. Park Avenue Securities LLC now owns 24,993 shares of the medical technology company’s stock worth $2,250,000 after acquiring an additional 809 shares in the last quarter. Quent Capital LLC grew its stake in shares of Medtronic by 14.1% in the third quarter. Quent Capital LLC now owns 2,033 shares of the medical technology company’s stock worth $183,000 after acquiring an additional 252 shares in the last quarter. Finally, Burns J W & Co. Inc. NY acquired a new stake in shares of Medtronic in the third quarter valued at $227,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $90.74 on Monday. The company’s 50 day simple moving average is $84.38 and its 200-day simple moving average is $86.09. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $93.08. The firm has a market cap of $116.35 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Analysts Set New Price Targets

Several brokerages have weighed in on MDT. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Wells Fargo & Company dropped their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by corporate insiders.

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.