Wedbush Securities Inc. Boosts Stake in Medtronic plc (NYSE:MDT)

Wedbush Securities Inc. lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 13.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,482 shares of the medical technology company’s stock after acquiring an additional 4,022 shares during the quarter. Wedbush Securities Inc.’s holdings in Medtronic were worth $2,754,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of MDT. Mainstream Capital Management LLC purchased a new stake in Medtronic during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. grew its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares in the last quarter. Stephens Consulting LLC raised its holdings in Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares in the last quarter. Fiduciary Advisors Inc. bought a new position in Medtronic during the 4th quarter valued at $36,000. Finally, Chelsea Counsel Co. acquired a new position in Medtronic during the 3rd quarter worth $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

Medtronic Trading Down 5.7 %

Medtronic stock opened at $82.86 on Friday. The firm has a 50-day moving average price of $90.87 and a two-hundred day moving average price of $87.93. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The firm has a market capitalization of $106.28 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 2.22 and a beta of 0.79. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Analyst Ratings Changes

MDT has been the topic of a number of recent analyst reports. UBS Group upped their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic Company 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.