Sierra Ocean LLC Buys New Shares in Medtronic plc (NYSE:MDT)

Sierra Ocean LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,743 shares of the medical technology company’s stock, valued at approximately $219,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Good Life Advisors LLC boosted its stake in Medtronic by 7.7% in the third quarter. Good Life Advisors LLC now owns 3,870 shares of the medical technology company’s stock worth $348,000 after buying an additional 276 shares in the last quarter. Stratos Wealth Advisors LLC boosted its stake in shares of Medtronic by 58.2% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 12,406 shares of the medical technology company’s stock valued at $1,117,000 after purchasing an additional 4,565 shares in the last quarter. Net Worth Advisory Group purchased a new stake in shares of Medtronic in the 3rd quarter valued at $671,000. KMG Fiduciary Partners LLC grew its holdings in shares of Medtronic by 4.1% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 18,609 shares of the medical technology company’s stock valued at $1,675,000 after purchasing an additional 741 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Medtronic by 30.6% in the 3rd quarter. Blue Trust Inc. now owns 12,716 shares of the medical technology company’s stock worth $1,145,000 after purchasing an additional 2,979 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MDT shares. Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Wells Fargo & Company lowered their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Up 0.9 %

MDT opened at $93.02 on Monday. The stock has a market cap of $119.28 billion, a PE ratio of 28.45, a PEG ratio of 2.57 and a beta of 0.84. The business has a 50 day moving average of $85.51 and a 200-day moving average of $86.86. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.25 earnings per share. Equities research analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.01%. Medtronic’s payout ratio is 85.63%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% 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.