RNC Capital Management LLC Sells 30,246 Shares of Medtronic plc (NYSE:MDT)

RNC Capital Management LLC reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 412,713 shares of the medical technology company’s stock after selling 30,246 shares during the period. Medtronic accounts for approximately 2.0% of RNC Capital Management LLC’s investment portfolio, making the stock its 24th biggest holding. RNC Capital Management LLC’s holdings in Medtronic were worth $33,999,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Hartford Financial Management Inc. grew its holdings in Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after acquiring an additional 255 shares during the period. Fortitude Family Office LLC acquired a new stake in Medtronic during the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. grew its holdings in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. grew its holdings in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at about $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Medtronic stock opened at $86.92 on Thursday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company’s 50 day moving average price is $85.21 and its two-hundred day moving average price is $80.68. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The stock has a market cap of $115.41 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.86 and a beta of 0.76.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter last year, the firm earned $1.30 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be given a dividend of $0.69 per share. The ex-dividend date is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.18%. Medtronic’s dividend payout ratio is currently 87.90%.

Wall Street Analyst Weigh In

MDT has been the subject of several research reports. Mizuho raised their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer raised their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Finally, Truist Financial raised their target price on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.91.

Insiders Place Their Bets

In related news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

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.