Medtronic plc (NYSE:MDT) is Financial Perspectives Inc’s Largest Position

Financial Perspectives Inc raised its holdings in Medtronic plc (NYSE:MDT) by 2.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 227,096 shares of the medical technology company’s stock after acquiring an additional 5,261 shares during the quarter. Medtronic makes up about 6.1% of Financial Perspectives Inc’s holdings, making the stock its largest holding. Financial Perspectives Inc’s holdings in Medtronic were worth $18,140,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OLD National Bancorp IN increased its holdings in shares of Medtronic by 12.7% in the third quarter. OLD National Bancorp IN now owns 10,938 shares of the medical technology company’s stock valued at $985,000 after purchasing an additional 1,230 shares during the period. Trilogy Capital Inc. increased its holdings in shares of Medtronic by 4.9% in the third quarter. Trilogy Capital Inc. now owns 4,082 shares of the medical technology company’s stock valued at $368,000 after purchasing an additional 192 shares during the period. Waterway Wealth Management LLC increased its holdings in shares of Medtronic by 62.8% in the third quarter. Waterway Wealth Management LLC now owns 4,493 shares of the medical technology company’s stock valued at $404,000 after purchasing an additional 1,734 shares during the period. Precision Wealth Strategies LLC increased its holdings in shares of 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 during the period. Finally, Telos Capital Management Inc. increased its holdings in shares of Medtronic by 2.0% in the third quarter. Telos Capital Management Inc. now owns 123,358 shares of the medical technology company’s stock valued at $11,106,000 after purchasing an additional 2,402 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MDT. Barclays increased their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Down 7.3 %

Medtronic stock opened at $86.05 on Wednesday. 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 50 day simple moving average of $85.74 and a 200-day simple moving average of $87.02. The stock has a market capitalization of $110.34 billion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 2.63 and a beta of 0.84. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. On average, analysts anticipate 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. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

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.