Grimes & Company Inc. Has $15.31 Million Position in Medtronic plc (NYSE:MDT)

Grimes & Company Inc. cut its holdings in shares of Medtronic plc (NYSE:MDT) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 191,631 shares of the medical technology company’s stock after selling 3,233 shares during the quarter. Grimes & Company Inc.’s holdings in Medtronic were worth $15,307,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MDT. Clear Harbor Asset Management LLC increased its position in shares of Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after purchasing an additional 111 shares during the period. Guardian Wealth Management Inc. grew its position in Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares during the period. First PREMIER Bank grew its position in Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after acquiring an additional 116 shares during the period. First City Capital Management Inc. grew its position in Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after acquiring an additional 116 shares during the period. Finally, Hardy Reed LLC grew its position in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after acquiring an additional 116 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of MDT opened at $90.07 on Friday. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The business has a 50-day simple moving average of $83.75 and a two-hundred day simple moving average of $85.50. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market cap of $115.49 billion, a PE ratio of 27.54, a PEG ratio of 2.49 and a beta of 0.83.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s payout ratio is currently 85.63%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction 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. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MDT shares. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company 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.