Marcum Wealth LLC Sells 944 Shares of Medtronic plc (NYSE:MDT)

Marcum Wealth LLC trimmed its position in Medtronic plc (NYSE:MDT) by 10.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,702 shares of the medical technology company’s stock after selling 944 shares during the quarter. Marcum Wealth LLC’s holdings in Medtronic were worth $615,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new stake in Medtronic in the 3rd quarter valued at about $694,000. Olstein Capital Management L.P. increased its holdings 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 purchasing an additional 14,000 shares in the last quarter. Franklin Street Advisors Inc. NC increased its holdings 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 purchasing an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after purchasing an additional 56,178 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. bought a new stake in Medtronic during the 3rd quarter worth approximately $9,486,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Medtronic stock opened at $85.16 on Wednesday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The business’s 50 day simple moving average is $83.74 and its 200 day simple moving average is $85.01. The company has a market cap of $109.20 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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 business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.29%. Medtronic’s payout ratio is 85.63%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDT. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. 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. Finally, Truist Financial cut 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 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $95.00.

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.