Dover Advisors LLC Lowers Position in Medtronic plc (NYSE:MDT)

Dover Advisors LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 28.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,403 shares of the medical technology company’s stock after selling 1,329 shares during the quarter. Dover Advisors LLC’s holdings in Medtronic were worth $283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $25,000. Hartford Financial Management Inc. increased its position in shares of Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the last quarter. Financial Gravity Asset Management Inc. increased its position in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the last quarter. Princeton Global Asset Management LLC purchased a new stake in shares of Medtronic during the third quarter valued at approximately $31,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $49,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were 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 owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.49 during trading hours on Friday, reaching $79.74. The company had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. Medtronic plc has a one year low of $68.84 and a one year high of $92.02. The business has a fifty day simple moving average of $83.53 and a 200 day simple moving average of $81.25. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The firm has a market cap of $105.88 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.46%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of recent research reports. Truist Financial raised their target price on 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 stock a “market perform” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Mizuho raised their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $94.91.

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.