Kestra Private Wealth Services LLC Grows Position in Medtronic plc (NYSE:MDT)

Kestra Private Wealth Services LLC grew its position in Medtronic plc (NYSE:MDT) by 6.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 103,281 shares of the medical technology company’s stock after acquiring an additional 5,942 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Medtronic were worth $8,250,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. State Street Corp boosted its stake in Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after purchasing an additional 520,027 shares during the period. Pzena Investment Management LLC increased its stake in shares of Medtronic by 3.3% during the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after acquiring an additional 275,870 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares during the period. Raymond James & Associates raised its stake in shares of Medtronic by 2.3% during the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after buying an additional 145,504 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock valued at $530,612,000 after buying an additional 609,391 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MDT shares. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Barclays increased their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Price Performance

Medtronic stock opened at $90.01 on Monday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a 50 day moving average price of $84.85 and a 200 day moving average price of $86.43. The company has a market cap of $115.42 billion, a price-to-earnings ratio of 27.53, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 13.00% and a return on equity of 13.79%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.25 EPS. Sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is 85.63%.

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.