Confluence Wealth Services Inc. Decreases Stock Position in Medtronic plc (NYSE:MDT)

Confluence Wealth Services Inc. lessened its position in shares of Medtronic plc (NYSE:MDT) by 13.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,943 shares of the medical technology company’s stock after selling 1,033 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Medtronic were worth $605,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Hartford Financial Management Inc. raised its position in shares of 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 in the last quarter. Fortitude Family Office LLC bought a new stake in Medtronic during the fourth quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its position in Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 236,064 shares during the period. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $27,000. Finally, Financial Gravity Asset Management Inc. boosted its holdings in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 0.8 %

MDT stock traded down $0.61 during trading on Tuesday, hitting $80.25. The company had a trading volume of 6,487,312 shares, compared to its average volume of 6,251,118. The firm has a market capitalization of $106.56 billion, a P/E ratio of 25.56, a PEG ratio of 2.73 and a beta of 0.76. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The company has a 50 day simple moving average of $83.35 and a 200-day simple moving average of $81.38.

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, beating the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 earnings per share. As a group, research analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

Wall Street Analyst Weigh In

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

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the firm’s 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 $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of the 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 sale, 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. Corporate insiders own 0.30% of the company’s stock.

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.