Clearstead Trust LLC Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Clearstead Trust LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 0.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,856 shares of the medical technology company’s stock after selling 116 shares during the quarter. Clearstead Trust LLC’s holdings in Medtronic were worth $1,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the fourth quarter worth $26,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic during the third quarter worth $27,000. Stephens Consulting LLC increased its position in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the period. Rakuten Securities Inc. grew its stake 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 purchasing an additional 294 shares in the last quarter. Finally, J. Stern & Co. LLP acquired a new position in shares of Medtronic during the third quarter worth $30,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $93.18 on Friday. 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 plc has a 52-week low of $75.96 and a 52-week high of $96.25. The business’s 50-day moving average price is $89.61 and its 200 day moving average price is $87.96. The firm has a market cap of $119.51 billion, a P/E ratio of 28.32, a P/E/G ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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 firm had revenue of $8.29 billion for 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%. On average, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wells Fargo & Company dropped their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Barclays increased their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Robert W. Baird increased 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, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $96.07.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale 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 insiders.

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.