Essex Savings Bank Sells 247 Shares of Medtronic plc (NYSE:MDT)

Essex Savings Bank cut its holdings in Medtronic plc (NYSE:MDT) by 7.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,982 shares of the medical technology company’s stock after selling 247 shares during the period. Essex Savings Bank’s holdings in Medtronic were worth $238,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on MDT. Robert W. Baird cut their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Citigroup raised their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Sanford C. Bernstein lifted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred 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 owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Medtronic Stock Up 2.1 %

Shares of Medtronic stock opened at $87.19 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The firm has a market cap of $111.80 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 2.28 and a beta of 0.83. The company has a 50-day moving average of $83.65 and a 200 day moving average of $85.01. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

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, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the firm earned $1.25 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.21%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Medtronic 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.