Argyle Capital Management Inc. Sells 7,450 Shares of Medtronic plc (NYSE:MDT)

Argyle Capital Management Inc. lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 15.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 39,920 shares of the medical technology company’s stock after selling 7,450 shares during the period. Medtronic makes up about 1.4% of Argyle Capital Management Inc.’s holdings, making the stock its 27th biggest holding. Argyle Capital Management Inc.’s holdings in Medtronic were worth $3,289,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the business. HHM Wealth Advisors LLC raised its stake in shares of Medtronic by 7.2% during the fourth quarter. HHM Wealth Advisors LLC now owns 2,456 shares of the medical technology company’s stock valued at $202,000 after acquiring an additional 164 shares during the last quarter. Convergence Investment Partners LLC bought a new position in shares of Medtronic during the fourth quarter valued at $200,000. Vance Wealth Inc. raised its stake in shares of Medtronic by 34.2% during the fourth quarter. Vance Wealth Inc. now owns 76,418 shares of the medical technology company’s stock valued at $6,295,000 after acquiring an additional 19,473 shares during the last quarter. Stonebrook Private Inc. bought a new position in shares of Medtronic during the fourth quarter valued at $1,916,000. Finally, PGGM Investments raised its stake in shares of Medtronic by 9.4% during the fourth quarter. PGGM Investments now owns 1,104,318 shares of the medical technology company’s stock valued at $90,974,000 after acquiring an additional 94,617 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.6 %

NYSE:MDT traded up $0.49 during trading hours on Friday, reaching $79.74. The company had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The firm has a market cap of $105.88 billion, a price-to-earnings ratio of 25.39, a P/E/G ratio of 2.73 and a beta of 0.76. The business’s 50-day simple moving average is $83.53 and its two-hundred day simple moving average is $81.25. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) 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 net margin of 13.00% and a return on equity of 13.71%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the company earned $1.30 earnings per share. On average, equities analysts expect that Medtronic plc will post 5.2 earnings per share for the current 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 issued a dividend of $0.69 per share. 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 is currently 87.90%.

Insider Activity

In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated 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 transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $71,001.56. Following the transaction, 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. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

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