Bartlett & Co. LLC Sells 5,599 Shares of Medtronic plc (NYSE:MDT)

Posted March 18, 2023

In Uncategorized

Bartlett & Co. LLC lowered its stake in Medtronic plc (NYSE:MDT – Get Rating) by 29.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,184 shares of the medical technology company’s stock after selling 5,599 shares during the period. Bartlett & Co. LLC’s holdings in Medtronic were worth $1,034,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. IAG Wealth Partners LLC lifted its position in Medtronic by 58.1% during the third quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company’s stock valued at $28,000 after buying an additional 129 shares during the period. Annapolis Financial Services LLC lifted its position in Medtronic by 368.0% during the third quarter. Annapolis Financial Services LLC now owns 482 shares of the medical technology company’s stock valued at $39,000 after buying an additional 379 shares during the period. SJS Investment Consulting Inc. purchased a new position in Medtronic during the third quarter valued at $44,000. Fairfield Bush & CO. purchased a new position in Medtronic during the first quarter valued at $47,000. Finally, Clear Investment Research LLC purchased a new position in Medtronic during the third quarter valued at $48,000. Institutional investors own 80.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Barclays lowered their price objective on Medtronic from $90.00 to $85.00 and set an “equal weight” rating for the company in a research report on Friday, November 25th. Deutsche Bank Aktiengesellschaft lifted their price target on Medtronic from $80.00 to $87.00 in a research report on Wednesday, February 22nd. Oppenheimer lowered Medtronic from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $106.00 to $85.00 in a research report on Wednesday, November 23rd. Cowen lowered their price target on Medtronic from $117.00 to $90.00 in a research report on Wednesday, November 23rd. Finally, Citigroup lowered Medtronic from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $108.00 to $85.00 in a research report on Wednesday, November 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $90.72.

Medtronic Price Performance

Shares of NYSE:MDT opened at $78.29 on Friday. Medtronic plc has a fifty-two week low of $75.76 and a fifty-two week high of $114.31. The business has a 50-day simple moving average of $82.06 and a two-hundred day simple moving average of $82.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.39 and a current ratio of 1.76. The firm has a market cap of $104.16 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 2.36 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Rating) last issued its earnings results on Tuesday, February 21st. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. The business had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. Medtronic’s revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.37 EPS. On average, analysts expect that Medtronic plc will post 5.28 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 24th will be paid a dividend of $0.68 per share. The ex-dividend date of this dividend is Thursday, March 23rd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.47%. Medtronic’s dividend payout ratio is currently 89.47%.

Insider Buying and Selling at Medtronic

In other news, major shareholder Plc Medtronic purchased 6,835 shares of the business’s stock in a transaction on Monday, January 30th. The stock was acquired at an average cost of $9.28 per share, for a total transaction of $63,428.80. Following the purchase, the insider now directly owns 4,999,423 shares in the company, valued at approximately $46,394,645.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

Medtronic Company Profile

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.