Franklin Parlapiano Turner & Welch LLC Has $6.85 Million Holdings in Medtronic plc (NYSE:MDT)

Franklin Parlapiano Turner & Welch LLC increased its position in shares of Medtronic plc (NYSE:MDT) by 4.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,168 shares of the medical technology company’s stock after acquiring an additional 3,179 shares during the quarter. Medtronic accounts for about 2.0% of Franklin Parlapiano Turner & Welch LLC’s holdings, making the stock its 24th largest position. Franklin Parlapiano Turner & Welch LLC’s holdings in Medtronic were worth $6,851,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MDT. Hartford Financial Management Inc. raised its holdings 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 period. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its holdings in shares of 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 acquiring an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. increased its stake in Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new position in Medtronic in the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity

In other news, 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 completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the 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 of the company’s stock, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock opened at $82.16 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The firm has a fifty day moving average price of $84.80 and a two-hundred day moving average price of $80.97. The company has a market cap of $109.09 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 2.82 and a beta of 0.76.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MDT shares. Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer upped their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Finally, Truist Financial upped their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average 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.