Ballast Inc. Sells 3,890 Shares of Medtronic plc (NYSE:MDT)

Ballast Inc. cut its holdings in shares of Medtronic plc (NYSE:MDT) by 35.5% during the fourth quarter, Holdings Channel reports. The fund owned 7,079 shares of the medical technology company’s stock after selling 3,890 shares during the period. Ballast Inc.’s holdings in Medtronic were worth $583,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. State Street Corp grew its position in Medtronic by 0.3% during the 2nd quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock worth $5,339,879,000 after acquiring an additional 175,765 shares during the last quarter. Morgan Stanley grew its position in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after acquiring an additional 1,994,123 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Medtronic by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after buying an additional 508,205 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its holdings in Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock worth $1,100,544,000 after buying an additional 14,149,287 shares in the last quarter. Finally, Norges Bank acquired a new position in Medtronic during the 4th quarter worth $1,062,316,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.2 %

Shares of NYSE:MDT opened at $87.13 on Friday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The stock has a market cap of $115.69 billion, a PE ratio of 27.75, a P/E/G ratio of 2.97 and a beta of 0.76. The business has a 50 day moving average of $85.23 and a 200-day moving average of $80.73. 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 (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter in the previous year, the company posted $1.30 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Insider Activity at Medtronic

In other Medtronic 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.