Park Place Capital Corp Sells 287 Shares of Medtronic plc (NYSE:MDT)

Park Place Capital Corp lessened its holdings in Medtronic plc (NYSE:MDT) by 25.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 824 shares of the medical technology company’s stock after selling 287 shares during the period. Park Place Capital Corp’s holdings in Medtronic were worth $66,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the 3rd quarter worth $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic during the third quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the third quarter valued at about $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the third quarter worth about $30,000. Finally, Chelsea Counsel Co. bought a new position in shares of Medtronic in the third quarter worth about $45,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MDT. Citigroup increased their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Robert W. Baird decreased their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Truist Financial decreased their price target on 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 cut their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Medtronic Price Performance

MDT stock opened at $87.84 on Thursday. The company has a fifty day simple moving average of $83.64 and a two-hundred day simple moving average of $85.37. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $112.64 billion, a P/E ratio of 26.86, a price-to-earnings-growth ratio of 2.50 and a beta of 0.83.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors 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 yield of 3.19%. Medtronic’s payout ratio is presently 85.63%.

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.