Laurel Wealth Advisors LLC Buys 4,622 Shares of Medtronic plc (NYSE:MDT)

Laurel Wealth Advisors LLC boosted its stake in shares of Medtronic plc (NYSE:MDT) by 80.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,332 shares of the medical technology company’s stock after buying an additional 4,622 shares during the period. Laurel Wealth Advisors LLC’s holdings in Medtronic were worth $851,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. increased its position 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 buying an additional 255 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Medtronic during the 4th quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. boosted its stake 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 valued at $26,000 after purchasing an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic during the 4th quarter valued at $27,000. Finally, Financial Gravity Asset Management Inc. boosted its stake 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 valued at $29,000 after purchasing an additional 279 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock traded up $0.49 on Friday, reaching $79.74. The stock had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. The stock has a market cap of $105.88 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. 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 50 day simple moving average of $83.53 and a 200 day simple moving average of $81.16. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors 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 annualized dividend and a yield of 3.46%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Analyst Ratings Changes

Several analysts have commented on the company. Mizuho increased 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. Oppenheimer increased 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Finally, Truist Financial raised their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $94.91.

Insider Activity at Medtronic

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

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.