Modera Wealth Management LLC Increases Stake in Medtronic plc (NYSE:MDT)

Modera Wealth Management LLC grew its position in Medtronic plc (NYSE:MDT) by 23.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,981 shares of the medical technology company’s stock after acquiring an additional 760 shares during the quarter. Modera Wealth Management LLC’s holdings in Medtronic were worth $318,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Guardian Wealth Management Inc. raised its stake in shares of Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares during the period. MONECO Advisors LLC increased its stake in Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after buying an additional 115 shares during the period. First City Capital Management Inc. increased its stake in Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares during the period. Hardy Reed LLC increased its stake in Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after buying an additional 116 shares during the period. Finally, OLD Second National Bank of Aurora increased its stake in Medtronic by 0.3% in the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock worth $2,900,000 after buying an additional 121 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is owned by company insiders.

Medtronic Stock Down 1.3 %

NYSE:MDT opened at $93.09 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $95.57. The stock has a market capitalization of $119.40 billion, a P/E ratio of 28.30, a P/E/G ratio of 2.22 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company’s 50-day simple moving average is $87.57 and its 200-day simple moving average is $87.63.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. On average, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Analyst Ratings Changes

Several research analysts recently commented on MDT shares. UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Robert W. Baird raised their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Sanford C. Bernstein raised their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $96.07.

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.