Sequoia Financial Advisors LLC Sells 37,369 Shares of Medtronic plc (NYSE:MDT)

Sequoia Financial Advisors LLC decreased its position in Medtronic plc (NYSE:MDT) by 51.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,859 shares of the medical technology company’s stock after selling 37,369 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Medtronic were worth $2,785,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new position in Medtronic in the third quarter worth $694,000. Franklin Street Advisors Inc. NC raised its holdings in Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after purchasing an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after purchasing an additional 56,178 shares in the last quarter. Olstein Capital Management L.P. increased its holdings in shares of Medtronic by 8.0% during the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Czech National Bank increased its holdings in shares of Medtronic by 6.4% during the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock valued at $22,212,000 after acquiring an additional 16,786 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Medtronic Trading Up 0.9 %

Shares of NYSE:MDT opened at $93.18 on Friday. The stock has a market capitalization of $119.51 billion, a price-to-earnings ratio of 28.32, a PEG ratio of 2.22 and a beta of 0.80. 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 stock’s 50-day simple moving average is $89.61 and its two-hundred day simple moving average is $87.96. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.00%. Medtronic’s payout ratio is 85.11%.

Analyst Ratings Changes

MDT has been the subject of several analyst reports. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Sanford C. Bernstein raised their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. One equities 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.