Pacer Advisors Inc. Sells 20,812 Shares of Medtronic plc (NYSE:MDT)

Pacer Advisors Inc. trimmed its position in Medtronic plc (NYSE:MDT) by 14.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 121,556 shares of the medical technology company’s stock after selling 20,812 shares during the period. Pacer Advisors Inc.’s holdings in Medtronic were worth $9,710,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic during the third quarter worth about $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP acquired a new position in Medtronic in the 3rd quarter worth approximately $30,000. Finally, Kieckhefer Group LLC purchased a new position in Medtronic during the 4th quarter worth approximately $40,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $92.13 on Wednesday. The stock has a market cap of $118.13 billion, a PE ratio of 28.17, a P/E/G ratio of 2.49 and a beta of 0.83. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08. The stock has a fifty day simple moving average of $83.85 and a 200-day simple moving average of $85.73. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

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

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. Medtronic’s payout ratio is presently 85.63%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MDT shares. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Evercore ISI raised their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Sanford C. Bernstein boosted their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Citigroup raised their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic has an average rating of “Hold” and an average target price 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.