Paladin Wealth LLC Grows Stake in Medtronic plc (NYSE:MDT)

Paladin Wealth LLC grew its position in Medtronic plc (NYSE:MDT) by 21.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 10,685 shares of the medical technology company’s stock after purchasing an additional 1,917 shares during the quarter. Paladin Wealth LLC’s holdings in Medtronic were worth $854,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the third quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at about $27,000. Stephens Consulting LLC lifted its position in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the period. Finally, J. Stern & Co. LLP bought a new position in shares of Medtronic during the third quarter valued at approximately $30,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.9 %

NYSE MDT opened at $90.84 on Tuesday. The stock has a market cap of $116.48 billion, a P/E ratio of 27.78, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $93.08. The company has a fifty day simple moving average of $84.85 and a two-hundred day simple moving average of $86.48.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 EPS. On average, analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.08%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MDT shares. Robert W. Baird reduced their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

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.