First Horizon Advisors Inc. Cuts Stake in Medtronic plc (NYSE:MDT)

First Horizon Advisors Inc. cut its stake in Medtronic plc (NYSE:MDT) by 17.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,049 shares of the medical technology company’s stock after selling 4,702 shares during the quarter. First Horizon Advisors Inc.’s holdings in Medtronic were worth $1,761,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the 3rd quarter valued at $27,000. Stephens Consulting LLC boosted its stake in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the last quarter. Finally, J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the third quarter worth $30,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Up 2.3 %

Shares of MDT stock opened at $89.95 on Monday. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The firm has a market cap of $115.34 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. The company has a 50-day moving average of $86.08 and a two-hundred day moving average of $87.18. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is presently 85.11%.

Insider Activity at Medtronic

In other Medtronic 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 directly 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 legal filing with the SEC, which is available through this link. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several research reports. Barclays raised their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $95.00.

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.