Malaga Cove Capital LLC Lowers Stock Position in Medtronic plc (NYSE:MDT)

Malaga Cove Capital LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 2.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,200 shares of the medical technology company’s stock after selling 229 shares during the period. Malaga Cove Capital LLC’s holdings in Medtronic were worth $735,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Fiduciary Alliance LLC purchased a new position in shares of Medtronic in the 4th quarter valued at about $470,000. Brookstone Capital Management grew its position in Medtronic by 11.4% during the fourth quarter. Brookstone Capital Management now owns 20,026 shares of the medical technology company’s stock worth $1,600,000 after buying an additional 2,049 shares during the period. Wedmont Private Capital increased its holdings in Medtronic by 20.9% in the fourth quarter. Wedmont Private Capital now owns 5,802 shares of the medical technology company’s stock valued at $468,000 after buying an additional 1,004 shares in the last quarter. Cooper Financial Group lifted its position in shares of Medtronic by 2.9% during the 4th quarter. Cooper Financial Group now owns 8,751 shares of the medical technology company’s stock valued at $699,000 after acquiring an additional 247 shares during the period. Finally, Tealwood Asset Management Inc. boosted its stake in shares of Medtronic by 1.4% during the 4th quarter. Tealwood Asset Management Inc. now owns 21,588 shares of the medical technology company’s stock worth $1,724,000 after acquiring an additional 308 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDT has been the topic of a number of research analyst reports. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. One research 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $96.14.

Medtronic Trading Down 0.6%

MDT stock opened at $85.26 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company has a market cap of $109.35 billion, a price-to-earnings ratio of 25.91, a PEG ratio of 2.22 and a beta of 0.81. The business has a fifty day simple moving average of $86.43 and a 200-day simple moving average of $86.72. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate 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 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is 85.11%.

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.