Parthenon LLC Has $7.65 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Parthenon LLC trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 2.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 92,873 shares of the medical technology company’s stock after selling 2,650 shares during the quarter. Medtronic comprises approximately 1.1% of Parthenon LLC’s investment portfolio, making the stock its 29th biggest position. Parthenon LLC’s holdings in Medtronic were worth $7,651,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Hartford Financial Management Inc. increased its position in Medtronic by 425.0% in the 3rd 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 period. Fortitude Family Office LLC bought a new position in shares of Medtronic in the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. raised its holdings in shares of Medtronic by 293.0% in 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 last quarter. Financial Gravity Asset Management Inc. raised its holdings in shares of Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. Finally, Princeton Global Asset Management LLC purchased a new stake in shares of Medtronic in the third quarter valued at about $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of MDT stock traded down $0.61 during trading hours on Tuesday, reaching $80.25. The stock had a trading volume of 6,487,312 shares, compared to its average volume of 6,251,118. The stock’s fifty day simple moving average is $83.35 and its 200 day simple moving average is $81.38. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02. The firm has a market capitalization of $106.56 billion, a PE ratio of 25.56, a PEG ratio of 2.73 and a beta of 0.76.

Medtronic (NYSE:MDT) last announced its earnings results 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. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same period in the previous year, the business posted $1.30 earnings per share. Medtronic’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities research analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders 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 annualized dividend and a yield of 3.44%. Medtronic’s payout ratio is presently 87.90%.

Insider Buying and Selling at Medtronic

In other 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 sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of Medtronic 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 transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, EVP Sean Salmon sold 30,695 shares of Medtronic 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 transaction, 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 company insiders.

Analyst Upgrades and Downgrades

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

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.