Folger Nolan Fleming Douglas Capital Management Inc. Decreases Stock Position in Medtronic plc (NYSE:MDT)

Folger Nolan Fleming Douglas Capital Management Inc. decreased its holdings in Medtronic plc (NYSE:MDT) by 18.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,068 shares of the medical technology company’s stock after selling 1,117 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Medtronic were worth $418,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Meridian Wealth Management LLC boosted its position in Medtronic by 17.6% during the third quarter. Meridian Wealth Management LLC now owns 4,021 shares of the medical technology company’s stock valued at $315,000 after purchasing an additional 601 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in Medtronic by 15.7% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 13,614 shares of the medical technology company’s stock worth $1,067,000 after acquiring an additional 1,850 shares in the last quarter. Apeiron RIA LLC boosted its holdings in Medtronic by 10.3% in the third quarter. Apeiron RIA LLC now owns 3,095 shares of the medical technology company’s stock worth $243,000 after acquiring an additional 289 shares in the last quarter. Connecticut Wealth Management LLC boosted its holdings in Medtronic by 52.0% in the third quarter. Connecticut Wealth Management LLC now owns 3,813 shares of the medical technology company’s stock worth $299,000 after acquiring an additional 1,305 shares in the last quarter. Finally, Oak Harbor Wealth Partners LLC boosted its holdings in Medtronic by 10.6% in the third quarter. Oak Harbor Wealth Partners LLC now owns 22,816 shares of the medical technology company’s stock worth $1,788,000 after acquiring an additional 2,181 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MDT shares. Mizuho raised their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Truist Financial raised their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Finally, Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Medtronic has an average rating of “Hold” and an average target price of $94.91.

Medtronic Stock Performance

MDT stock traded up $0.49 during trading on Friday, hitting $79.74. 5,024,880 shares of the company traded hands, compared to its average volume of 5,781,218. The company has a market cap of $105.88 billion, a PE ratio of 25.39, a P/E/G ratio of 2.71 and a beta of 0.76. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. The stock’s 50-day simple moving average is $83.53 and its 200 day simple moving average is $81.16. 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 (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The business 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.30 earnings per share. On average, equities analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Activity

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

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.