Avantax Planning Partners Inc. Decreases Position in Medtronic plc (NYSE:MDT)

Avantax Planning Partners Inc. lowered its stake in shares of Medtronic plc (NYSE:MDTFree Report) by 5.0% during the fourth quarter, Holdings Channel reports. The fund owned 6,007 shares of the medical technology company’s stock after selling 315 shares during the period. Avantax Planning Partners Inc.’s holdings in Medtronic were worth $495,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Morgan Stanley raised its position in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Norges Bank purchased a new stake in Medtronic during the 4th quarter worth about $1,229,726,000. Northern Trust Corp boosted its position in shares of Medtronic by 2.1% during the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after acquiring an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Medtronic by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after acquiring an additional 101,111 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Medtronic by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after acquiring an additional 649,367 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on MDT shares. UBS Group increased their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Friday. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Truist Financial cut their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $94.45.

Check Out Our Latest Analysis on Medtronic

Insider Buying and Selling

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock traded up $0.91 during mid-day trading on Friday, hitting $82.29. The stock had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.71. The company’s 50-day simple moving average is $82.81 and its 200-day simple moving average is $82.68. The firm has a market cap of $109.27 billion, a PE ratio of 29.92, a PEG ratio of 2.65 and a beta of 0.78.

Medtronic (NYSE:MDTGet Free Report) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period last year, the firm earned $1.57 EPS. The company’s quarterly revenue was up .5% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.40%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Medtronic Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDTFree Report).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.