FourThought Financial Partners LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

FourThought Financial Partners LLC cut its position in Medtronic plc (NYSE:MDT) by 2.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 139,161 shares of the medical technology company’s stock after selling 3,246 shares during the period. Medtronic makes up 1.4% of FourThought Financial Partners LLC’s holdings, making the stock its 18th largest position. FourThought Financial Partners LLC’s holdings in Medtronic were worth $11,464,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MDT. TCG Advisory Services LLC acquired a new position in Medtronic during the fourth quarter valued at $219,000. Provence Wealth Management Group lifted its holdings in shares of Medtronic by 5,086.8% in the 4th quarter. Provence Wealth Management Group now owns 3,527 shares of the medical technology company’s stock valued at $291,000 after buying an additional 3,459 shares during the period. Sapient Capital LLC purchased a new stake in shares of Medtronic in the fourth quarter worth about $213,000. Axxcess Wealth Management LLC grew its holdings in Medtronic by 17.0% during the fourth quarter. Axxcess Wealth Management LLC now owns 25,342 shares of the medical technology company’s stock worth $2,088,000 after acquiring an additional 3,690 shares during the period. Finally, U.S. Capital Wealth Advisors LLC raised its position in Medtronic by 43.8% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 92,725 shares of the medical technology company’s stock valued at $7,639,000 after acquiring an additional 28,229 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock traded up $0.77 during midday trading on Friday, reaching $81.69. The stock had a trading volume of 4,987,236 shares, compared to its average volume of 6,078,836. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The company’s fifty day simple moving average is $83.08 and its 200 day simple moving average is $81.44. The company has a market cap of $108.47 billion, a price-to-earnings ratio of 26.02, a price-to-earnings-growth ratio of 2.64 and a beta of 0.78.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the firm posted $1.30 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.38%. Medtronic’s payout ratio is 87.90%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Mizuho lifted their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Truist Financial upped their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer raised their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $94.91.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Company 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.