Medtronic plc (NYSE:MDT) Shares Sold by Tower Bridge Advisors

Tower Bridge Advisors lowered its position in Medtronic plc (NYSE:MDT) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,558 shares of the medical technology company’s stock after selling 1,338 shares during the quarter. Tower Bridge Advisors’ holdings in Medtronic were worth $3,400,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Stephens Consulting LLC grew its position in Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the period. J. Stern & Co. LLP purchased a new position in Medtronic in the third quarter worth approximately $30,000. Fiduciary Advisors Inc. acquired a new stake in Medtronic during the fourth quarter worth $36,000. Finally, Kieckhefer Group LLC purchased a new stake in Medtronic in the fourth quarter valued at $40,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Up 1.4 %

MDT opened at $92.00 on Friday. The business has a fifty day moving average price of $87.08 and a 200 day moving average price of $87.42. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08. The stock has a market capitalization of $117.97 billion, a price-to-earnings ratio of 27.96, a PEG ratio of 2.22 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Insider Buying and Selling

In other 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 of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird increased their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, UBS Group raised their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.