RBA Wealth Management LLC Has $4.04 Million Position in Medtronic plc (NYSE:MDT)

RBA Wealth Management LLC raised its position in Medtronic plc (NYSE:MDT) by 2.1% during the fourth quarter, Holdings Channel reports. The firm owned 50,540 shares of the medical technology company’s stock after purchasing an additional 1,045 shares during the period. RBA Wealth Management LLC’s holdings in Medtronic were worth $4,037,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the 3rd quarter valued at $30,000. Finally, Fiduciary Advisors Inc. purchased a new position in shares of Medtronic during the 4th quarter worth $36,000. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MDT shares. Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Finally, Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.00.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm’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 sale, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Trading Down 0.3 %

Shares of NYSE:MDT opened at $90.55 on Tuesday. 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 plc has a 1 year low of $75.96 and a 1 year high of $93.08. The firm has a fifty day moving average price of $84.38 and a 200 day moving average price of $86.09. The stock has a market capitalization of $116.11 billion, a PE ratio of 27.69, a P/E/G ratio of 2.57 and a beta of 0.84.

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. The business had revenue of $8.40 billion for 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%. Medtronic’s revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 earnings per share. Analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

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

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.