Folger Nolan Fleming Douglas Capital Management Inc. Reduces Stake in Medtronic plc (NYSE:MDT)

Folger Nolan Fleming Douglas Capital Management Inc. reduced its position in Medtronic plc (NYSE:MDT) by 18.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,068 shares of the medical technology company’s stock after selling 1,117 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Medtronic were worth $418,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Fortitude Family Office LLC acquired a new stake in Medtronic during the 4th quarter valued at $25,000. Hartford Financial Management Inc. grew its holdings in Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after buying an additional 255 shares during the last quarter. Financial Gravity Asset Management Inc. grew its holdings in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in Medtronic during the 3rd quarter valued at $31,000. Finally, Rakuten Securities Inc. acquired a new stake in Medtronic during the 4th quarter valued at $49,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Truist Financial raised their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Finally, Mizuho raised their price objective on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $94.91.

Medtronic Trading Up 0.6 %

Medtronic stock traded up $0.49 during midday trading on Friday, reaching $79.74. The stock had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The stock has a market capitalization of $105.88 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The stock’s 50-day simple moving average is $83.53 and its 200 day simple moving average is $81.16.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same period last year, the company posted $1.30 earnings per share. The firm’s revenue was up 4.7% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

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.