Granite Group Advisors LLC Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Granite Group Advisors LLC lifted its stake in Medtronic plc (NYSE:MDT) by 4.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 28,316 shares of the medical technology company’s stock after buying an additional 1,097 shares during the period. Medtronic comprises about 1.4% of Granite Group Advisors LLC’s holdings, making the stock its 17th biggest position. Granite Group Advisors LLC’s holdings in Medtronic were worth $2,262,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic during the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new position in Medtronic during the 3rd quarter valued at $30,000. Finally, Kieckhefer Group LLC purchased a new position in Medtronic during the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Medtronic Trading Up 0.9 %

Shares of NYSE:MDT opened at $90.07 on Monday. The business’s 50-day moving average is $83.75 and its 200 day moving average is $85.56. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The firm has a market capitalization of $115.49 billion, a P/E ratio of 27.54, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its earnings results 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. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the prior year, the company posted $1.25 EPS. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MDT shares. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Finally, Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $95.00.

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.