New Hampshire Trust Decreases Stock Position in Medtronic plc (NYSE:MDT)

New Hampshire Trust lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 2.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,615 shares of the medical technology company’s stock after selling 167 shares during the quarter. New Hampshire Trust’s holdings in Medtronic were worth $449,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Edgestream Partners L.P. acquired a new position in shares of Medtronic in the second quarter worth $239,000. AE Wealth Management LLC increased its position in Medtronic by 24.7% during the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after purchasing an additional 1,896 shares in the last quarter. Pacer Advisors Inc. increased its position in Medtronic by 37.6% during the 2nd quarter. Pacer Advisors Inc. now owns 124,197 shares of the medical technology company’s stock worth $9,776,000 after purchasing an additional 33,959 shares in the last quarter. Ensign Peak Advisors Inc raised its stake in Medtronic by 5.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 388,629 shares of the medical technology company’s stock valued at $30,589,000 after purchasing an additional 21,545 shares during the last quarter. Finally, Frank Rimerman Advisors LLC boosted its stake in shares of Medtronic by 6,340.2% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 22,412 shares of the medical technology company’s stock worth $1,764,000 after purchasing an additional 22,064 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 1.2 %

Shares of Medtronic stock opened at $88.23 on Tuesday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The stock has a market cap of $113.13 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a fifty day moving average price of $83.64 and a 200 day moving average price of $85.21.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. 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 3.17%. Medtronic’s payout ratio is currently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MDT. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $95.00.

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.