Golden State Wealth Management LLC Takes Position in Medtronic plc (NYSE:MDT)

Golden State Wealth Management LLC purchased a new position in Medtronic plc (NYSE:MDT) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 980 shares of the medical technology company’s stock, valued at approximately $78,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Clear Harbor Asset Management LLC raised its stake in Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after buying an additional 111 shares in the last quarter. Guardian Wealth Management Inc. increased its holdings in shares of Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares during the last quarter. First City Capital Management Inc. raised its position in shares of Medtronic by 2.9% during the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after acquiring an additional 116 shares in the last quarter. Hardy Reed LLC lifted its stake in Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after purchasing an additional 116 shares during the last quarter. Finally, Precision Wealth Strategies LLC boosted its holdings in Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after purchasing an additional 118 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Price Performance

Shares of MDT stock opened at $90.84 on Tuesday. The firm has a fifty day moving average of $84.85 and a two-hundred day moving average of $86.48. The firm has a market cap of $116.48 billion, a P/E ratio of 27.78, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by company insiders.

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.