Meridian Wealth Management LLC Has $624,000 Position in Medtronic plc (NYSE:MDT)

Meridian Wealth Management LLC increased its position in Medtronic plc (NYSE:MDT) by 3.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,816 shares of the medical technology company’s stock after acquiring an additional 277 shares during the quarter. Meridian Wealth Management LLC’s holdings in Medtronic were worth $624,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Woodley Farra Manion Portfolio Management Inc. increased its stake in shares of Medtronic by 2.3% in the fourth quarter. Woodley Farra Manion Portfolio Management Inc. now owns 42,427 shares of the medical technology company’s stock valued at $3,419,000 after buying an additional 937 shares during the period. Fidelis Capital Partners LLC boosted its holdings in Medtronic by 29.7% in the fourth quarter. Fidelis Capital Partners LLC now owns 3,143 shares of the medical technology company’s stock valued at $251,000 after acquiring an additional 720 shares during the last quarter. LGT Fund Management Co Ltd. boosted its holdings in Medtronic by 26.6% in the fourth quarter. LGT Fund Management Co Ltd. now owns 31,947 shares of the medical technology company’s stock valued at $2,552,000 after acquiring an additional 6,722 shares during the last quarter. Plato Investment Management Ltd boosted its holdings in Medtronic by 2.8% in the fourth quarter. Plato Investment Management Ltd now owns 39,156 shares of the medical technology company’s stock valued at $3,139,000 after acquiring an additional 1,085 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Medtronic by 35.2% in the fourth quarter. Jones Financial Companies Lllp now owns 522,027 shares of the medical technology company’s stock valued at $41,699,000 after acquiring an additional 136,000 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, 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. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $96.07.

Insider Activity at Medtronic

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

Medtronic Price Performance

Shares of MDT opened at $93.09 on Wednesday. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $95.57. The business’s fifty day moving average is $87.57 and its 200 day moving average is $87.63. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock has a market cap of $119.40 billion, a P/E ratio of 28.30, a P/E/G ratio of 2.22 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its 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 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is currently 85.11%.

About Medtronic

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.