Millington Financial Advisors LLC Buys New Position in Medtronic plc (NYSE:MDT)

Millington Financial Advisors LLC purchased a new position in Medtronic plc (NYSE:MDT) during the 4th quarter, HoldingsChannel reports. The firm purchased 17,879 shares of the medical technology company’s stock, valued at approximately $1,473,000. Medtronic makes up 1.2% of Millington Financial Advisors LLC’s investment portfolio, making the stock its 27th largest holding.

Other large investors also recently modified their holdings of the company. Hartford Financial Management Inc. raised its stake in Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after purchasing an additional 255 shares during the last quarter. Fortitude Family Office LLC bought a new position in Medtronic during the fourth quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. lifted its position in shares of Medtronic by 293.0% in 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 shares of 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 purchasing an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new stake in shares of Medtronic during the third quarter valued at approximately $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.71 during mid-day trading on Tuesday, hitting $81.28. 5,296,122 shares of the stock were exchanged, compared to its average volume of 6,290,356. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The stock’s fifty day simple moving average is $83.84 and its two-hundred day simple moving average is $81.11. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The company has a market cap of $107.93 billion, a P/E ratio of 25.75, a PEG ratio of 2.72 and a beta of 0.76.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.40%. Medtronic’s payout ratio is 87.90%.

Insiders Place Their Bets

In related news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now 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 through this hyperlink. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Mizuho raised their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer raised their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report 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, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic 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 given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $94.91.

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.