Fernwood Investment Management LLC Sells 661 Shares of Medtronic plc (NYSE:MDT)

Fernwood Investment Management LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 3.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,585 shares of the medical technology company’s stock after selling 661 shares during the quarter. Fernwood Investment Management LLC’s holdings in Medtronic were worth $1,613,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new position in shares of Medtronic in the fourth quarter valued at about $25,000. Hartford Financial Management Inc. raised its position in shares of Medtronic by 425.0% in the third 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 period. Financial Gravity Asset Management Inc. raised its position in shares of Medtronic by 317.0% in the third 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 period. Princeton Global Asset Management LLC bought a new position in shares of Medtronic in the third quarter valued at about $31,000. Finally, Rakuten Securities Inc. bought a new position in shares of Medtronic in the fourth quarter valued at about $49,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Medtronic Trading Up 1.4 %

NYSE MDT traded up $1.12 on Monday, reaching $80.86. The company had a trading volume of 6,153,712 shares, compared to its average volume of 6,248,234. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The firm has a market cap of $107.37 billion, a price-to-earnings ratio of 25.66, a P/E/G ratio of 2.73 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. The business has a 50 day moving average of $83.53 and a two-hundred day moving average of $81.25.

Medtronic (NYSE:MDT) last announced its quarterly 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. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter last year, the firm earned $1.30 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.41%. Medtronic’s dividend payout ratio is currently 87.90%.

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred 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 transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred 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 document filed with the SEC, which is available at the SEC website. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

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.