NovaPoint Capital LLC Sells 1,580 Shares of Medtronic plc (NYSE:MDT)

NovaPoint Capital LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 4.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,053 shares of the medical technology company’s stock after selling 1,580 shares during the quarter. NovaPoint Capital LLC’s holdings in Medtronic were worth $2,558,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MDT. State Street Corp lifted its holdings in shares of Medtronic by 0.3% in the second quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock valued at $5,339,879,000 after purchasing an additional 175,765 shares in the last quarter. Morgan Stanley boosted its position in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Medtronic by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock valued at $1,597,954,000 after purchasing an additional 508,205 shares during the period. Moneta Group Investment Advisors LLC increased its position in shares of Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after purchasing an additional 14,149,287 shares during the last quarter. Finally, Norges Bank purchased a new stake in Medtronic during the fourth quarter worth about $1,062,316,000. Institutional investors and hedge funds own 80.75% of the company’s stock.

Medtronic Trading Down 0.4 %

NYSE:MDT traded down $0.33 during trading hours on Friday, hitting $83.08. The company had a trading volume of 5,181,488 shares, compared to its average volume of 6,179,893. The stock has a 50-day moving average price of $85.35 and a 200 day moving average price of $80.63. The company has a market capitalization of $110.32 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.85 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.32%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Transactions at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the company’s 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 completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

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

Medtronic 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.