PFG Investments LLC Has $656,000 Stock Position in Medtronic plc (NYSE:MDT)

PFG Investments LLC lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 64.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 7,968 shares of the medical technology company’s stock after selling 14,171 shares during the period. PFG Investments LLC’s holdings in Medtronic were worth $656,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. BKM Wealth Management LLC acquired a new position in Medtronic in the 4th quarter worth about $941,000. Perceptive Advisors LLC acquired a new position in Medtronic in the 2nd quarter worth about $41,143,000. Tower Research Capital LLC TRC increased its holdings in Medtronic by 69.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after purchasing an additional 16,574 shares in the last quarter. Ropes Wealth Advisors LLC increased its holdings in Medtronic by 21.4% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock worth $565,000 after purchasing an additional 1,269 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in Medtronic by 109,325.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock worth $7,572,000 after purchasing an additional 91,833 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MDT. Oppenheimer upped their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Truist Financial upped their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Finally, Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus target price of $94.91.

Insider Transactions at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Up 3.8 %

Shares of Medtronic stock opened at $86.92 on Thursday. The stock’s 50-day moving average is $85.21 and its 200 day moving average is $80.68. The firm has a market cap of $115.41 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 2.86 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a one year low of $68.84 and a one year high of $92.02.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. The business had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

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.