Thurston Springer Miller Herd & Titak Inc. Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Thurston Springer Miller Herd & Titak Inc. boosted its stake in Medtronic plc (NYSE:MDT) by 34.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 16,391 shares of the medical technology company’s stock after acquiring an additional 4,212 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Medtronic were worth $1,309,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Copley Financial Group Inc. purchased a new stake in shares of Medtronic during the third quarter worth about $694,000. Olstein Capital Management L.P. increased its stake in Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares in the last quarter. Franklin Street Advisors Inc. NC increased its stake in Medtronic by 32.6% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after buying an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in shares of Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after acquiring an additional 56,178 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new position in shares of Medtronic in the third quarter valued at approximately $9,486,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The stock was 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 directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MDT shares. Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Barclays increased their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

Shares of Medtronic stock opened at $85.16 on Wednesday. The firm has a market cap of $109.20 billion, a PE ratio of 26.04, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The business’s fifty day simple moving average is $83.74 and its 200-day simple moving average is $85.01. 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 (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during 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 was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 earnings per share. Equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio 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.