Wade G W & Inc. Sells 3,848 Shares of Medtronic plc (NYSE:MDT)

Posted by Tristan Rich on May 26th, 2023

Wade G W & Inc. reduced its stake in shares of Medtronic plc (NYSE:MDT – Get Rating) by 3.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 125,276 shares of the medical technology company’s stock after selling 3,848 shares during the period. Wade G W & Inc.’s holdings in Medtronic were worth $9,736,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Syverson Strege & Co boosted its stake in Medtronic by 52.9% in the 4th quarter. Syverson Strege & Co now owns 341 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 118 shares during the period. FSB Premier Wealth Management Inc. boosted its holdings in shares of Medtronic by 2.6% during the 4th quarter. FSB Premier Wealth Management Inc. now owns 4,749 shares of the medical technology company’s stock valued at $369,000 after purchasing an additional 119 shares during the last quarter. Auxano Advisors LLC boosted its holdings in shares of Medtronic by 1.5% during the 4th quarter. Auxano Advisors LLC now owns 8,055 shares of the medical technology company’s stock valued at $626,000 after purchasing an additional 122 shares during the last quarter. CoreFirst Bank & Trust boosted its holdings in shares of Medtronic by 4.2% during the 3rd quarter. CoreFirst Bank & Trust now owns 3,149 shares of the medical technology company’s stock valued at $254,000 after purchasing an additional 126 shares during the last quarter. Finally, Oak Asset Management LLC boosted its holdings in shares of Medtronic by 0.3% during the 4th quarter. Oak Asset Management LLC now owns 37,448 shares of the medical technology company’s stock valued at $2,910,000 after purchasing an additional 130 shares during the last quarter. Institutional investors own 80.37% of the company’s stock.

Medtronic Stock Down 2.5 %

Medtronic stock traded down $2.05 during trading hours on Friday, reaching $81.49. The stock had a trading volume of 3,159,484 shares, compared to its average volume of 6,135,851. Medtronic plc has a 52 week low of $75.76 and a 52 week high of $100.61. The company has a market cap of $108.42 billion, a price-to-earnings ratio of 27.48, a PEG ratio of 2.11 and a beta of 0.71. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.76 and a quick ratio of 1.39. The business’s 50 day moving average price is $84.78 and its 200-day moving average price is $82.11.

Medtronic (NYSE:MDT – Get Rating) last released its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 13.37%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same period in the previous year, the company earned $1.52 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. Sell-side analysts anticipate that Medtronic plc will post 5.28 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 23rd will be given a dividend of $0.69 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Thursday, June 22nd. Medtronic’s dividend payout ratio is currently 89.47%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Wells Fargo & Company upgraded Medtronic from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $77.00 to $100.00 in a research report on Monday, April 24th. Sanford C. Bernstein lowered their target price on Medtronic from $100.00 to $99.00 in a research report on Friday. Barclays raised shares of Medtronic from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Medtronic from $80.00 to $87.00 in a report on Wednesday, February 22nd. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 in a report on Friday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $90.53.

Medtronic Profile

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.