Baker Tilly Wealth Management LLC Lowers Stake in Medtronic plc (NYSE:MDT)

Baker Tilly Wealth Management LLC cut its stake in Medtronic plc (NYSE:MDT) by 20.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,921 shares of the medical technology company’s stock after selling 732 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Medtronic were worth $233,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after acquiring an additional 520,027 shares during the period. Pzena Investment Management LLC grew its stake in Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after purchasing an additional 275,870 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares during the period. Dimensional Fund Advisors LP raised its position in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after buying an additional 145,504 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $80.62 on Friday. The business has a fifty day moving average of $83.99 and a 200 day moving average of $84.88. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The firm has a market capitalization of $103.38 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. 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 quarterly earnings data 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 return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the firm posted $1.25 EPS. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, research analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 3.47%. Medtronic’s payout ratio is 85.63%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Truist Financial lowered 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. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $95.00.

Insider Transactions 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 stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

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.