Westhampton Capital LLC Decreases Stake in Medtronic plc (NYSE:MDT)

Westhampton Capital LLC lessened its stake in shares of Medtronic plc (NYSE:MDT) by 3.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,325 shares of the medical technology company’s stock after selling 200 shares during the quarter. Westhampton Capital LLC’s holdings in Medtronic were worth $505,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MDT. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the third quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the third quarter valued at about $27,000. J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the third quarter worth about $30,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Medtronic in the fourth quarter worth about $40,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $91.51 on Thursday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08. 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 company has a market capitalization of $117.34 billion, a P/E ratio of 27.98, a PEG ratio of 2.49 and a beta of 0.83. The stock’s 50 day moving average is $83.99 and its 200 day moving average is $85.83.

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

Medtronic Announces Dividend

The company 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. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.06%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MDT shares. Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird decreased their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Finally, Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus 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.