Flputnam Investment Management Co. Trims Stock Position in Medtronic plc (NYSE:MDT)

Flputnam Investment Management Co. reduced its stake in Medtronic plc (NYSE:MDT) by 8.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,046 shares of the medical technology company’s stock after selling 490 shares during the quarter. Flputnam Investment Management Co.’s holdings in Medtronic were worth $403,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MDT. Darwin Wealth Management LLC purchased a new position in Medtronic in the 3rd quarter valued at $27,000. Stephens Consulting LLC lifted its stake 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 acquiring an additional 204 shares during the period. J. Stern & Co. LLP purchased a new stake in shares of Medtronic in the third quarter valued at about $30,000. Fiduciary Advisors Inc. acquired a new position in shares of Medtronic during the fourth quarter worth about $36,000. Finally, Kieckhefer Group LLC purchased a new position in Medtronic during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT opened at $94.20 on Tuesday. The company has a 50-day moving average of $87.34 and a two-hundred day moving average of $87.57. The stock has a market cap of $120.82 billion, a P/E ratio of 28.63, a PEG ratio of 2.22 and a beta of 0.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $94.93. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.11%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MDT. Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group increased their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.00.

Insider Buying and Selling

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

Medtronic 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.