Medtronic plc (NYSE:MDT) Shares Sold by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC lessened its holdings in Medtronic plc (NYSE:MDT) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,931 shares of the medical technology company’s stock after selling 235 shares during the period. Miracle Mile Advisors LLC’s holdings in Medtronic were worth $2,151,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Bar Harbor Wealth Management lifted its position in Medtronic by 3.7% in the fourth quarter. Bar Harbor Wealth Management now owns 136,640 shares of the medical technology company’s stock valued at $10,915,000 after buying an additional 4,894 shares during the last quarter. Persium Advisors LLC purchased a new stake in shares of Medtronic in the 4th quarter valued at approximately $580,000. Sivia Capital Partners LLC lifted its holdings in shares of Medtronic by 49.6% in the 4th quarter. Sivia Capital Partners LLC now owns 3,504 shares of the medical technology company’s stock worth $280,000 after acquiring an additional 1,161 shares during the last quarter. Forza Wealth Management LLC boosted its position in shares of Medtronic by 11.0% during the 4th quarter. Forza Wealth Management LLC now owns 4,064 shares of the medical technology company’s stock worth $325,000 after purchasing an additional 403 shares during the period. Finally, Bridge Creek Capital Management LLC increased its holdings in Medtronic by 0.5% in the 4th quarter. Bridge Creek Capital Management LLC now owns 40,847 shares of the medical technology company’s stock valued at $3,263,000 after purchasing an additional 210 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on MDT. Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Barclays raised 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Truist Financial lowered their price objective 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. Finally, 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by company insiders.

Medtronic Stock Performance

Shares of Medtronic stock opened at $81.68 on Tuesday. The firm has a market capitalization of $104.74 billion, a P/E ratio of 24.98, a P/E/G ratio of 2.33 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The firm’s 50 day moving average is $83.83 and its two-hundred day moving average is $84.96.

Medtronic (NYSE:MDT) last announced 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. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the business earned $1.25 EPS. Research analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 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.