Estabrook Capital Management Decreases Holdings in Medtronic plc (NYSE:MDT)

Estabrook Capital Management decreased its position in shares of Medtronic plc (NYSE:MDTFree Report) by 1.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 104,070 shares of the medical technology company’s stock after selling 1,132 shares during the quarter. Medtronic makes up 1.4% of Estabrook Capital Management’s investment portfolio, making the stock its 20th largest position. Estabrook Capital Management’s holdings in Medtronic were worth $8,573,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MDT. Morgan Stanley raised its holdings in shares of Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Norges Bank bought a new stake in Medtronic in the fourth quarter worth $1,229,726,000. Northern Trust Corp raised its stake in shares of Medtronic by 2.1% in the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after purchasing an additional 285,819 shares during the last quarter. Sanders Capital LLC raised its stake in shares of Medtronic by 2.8% in the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after purchasing an additional 346,641 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Medtronic by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after acquiring an additional 101,111 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on MDT shares. Wells Fargo & Company upped their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Truist Financial lowered their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. UBS Group increased their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Finally, Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $93.00.

Get Our Latest Stock Analysis on Medtronic

Medtronic Trading Up 0.9 %

Medtronic stock traded up $0.74 during mid-day trading on Monday, hitting $82.11. The company’s stock had a trading volume of 3,336,223 shares, compared to its average volume of 6,260,921. The firm has a market capitalization of $109.03 billion, a PE ratio of 29.76, a price-to-earnings-growth ratio of 2.37 and a beta of 0.83. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock’s fifty day moving average is $82.60 and its two-hundred day moving average is $83.17.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. On average, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.30% of the company’s stock.

About Medtronic

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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