Bigelow Investment Advisors LLC Decreases Stock Holdings in Medtronic plc (NYSE:MDT)

Bigelow Investment Advisors LLC lowered its holdings in Medtronic plc (NYSE:MDT) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,768 shares of the medical technology company’s stock after selling 233 shares during the period. Bigelow Investment Advisors LLC’s holdings in Medtronic were worth $887,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MDT. Fairfield Bush & CO. acquired a new stake in shares of Medtronic in the first quarter valued at about $47,000. MAS Advisors LLC grew its position in Medtronic by 10.3% in the first quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock valued at $266,000 after acquiring an additional 223 shares in the last quarter. LSV Asset Management lifted its position in shares of Medtronic by 34.5% during the first quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock worth $821,000 after purchasing an additional 1,900 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Medtronic by 22.8% in the first quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after purchasing an additional 13,895 shares during the period. Finally, Kinneret Advisory LLC boosted its stake in shares of Medtronic by 2.3% in the first quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock valued at $1,712,000 after purchasing an additional 343 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MDT shares. 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 upped their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Truist Financial upped their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Finally, Mizuho increased their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $94.91.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.29 on Friday, reaching $79.48. 6,722,138 shares of the company’s stock were exchanged, compared to its average volume of 6,320,443. The firm has a market capitalization of $105.54 billion, a price-to-earnings ratio of 25.32, a PEG ratio of 2.71 and a beta of 0.76. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The business’s 50-day moving average is $84.04 and its two-hundred day moving average is $81.00. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.47%. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Insiders Place Their Bets

In related news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated 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 filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated 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 filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

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.