Golden State Equity Partners Trims Holdings in Medtronic plc (NYSE:MDT)

30 Dec 2023, 15:33 by Scott Moore · The Cerbat Gem

Golden State Equity Partners cut its stake in Medtronic plc (NYSE:MDT – Free Report) by 18.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,473 shares of the medical technology company’s stock after selling 3,233 shares during the period. Golden State Equity Partners’ holdings in Medtronic were worth $1,134,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MDT. Illinois Municipal Retirement Fund grew its position in shares of Medtronic by 307.2% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 119,389 shares of the medical technology company’s stock worth $10,518,000 after acquiring an additional 90,068 shares in the last quarter. Perceptive Advisors LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at about $41,143,000. Trust Co. of Toledo NA OH raised its stake in Medtronic by 20.6% during the second quarter. Trust Co. of Toledo NA OH now owns 17,220 shares of the medical technology company’s stock worth $1,517,000 after acquiring an additional 2,940 shares during the period. Viawealth LLC lifted its holdings in Medtronic by 3.3% in the first quarter. Viawealth LLC now owns 12,085 shares of the medical technology company’s stock worth $974,000 after acquiring an additional 390 shares during the last quarter. Finally, Argent Trust Co boosted its stake in Medtronic by 5.0% in the first quarter. Argent Trust Co now owns 40,743 shares of the medical technology company’s stock valued at $3,285,000 after acquiring an additional 1,948 shares during the period. 80.75% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 4,997 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $82.17, for a total value of $410,603.49. Following the completion of the transaction, the executive vice president now owns 28,910 shares in the company, valued at approximately $2,375,534.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

NYSE:MDT traded down $0.35 during mid-day trading on Friday, reaching $82.38. 3,847,619 shares of the stock were exchanged, compared to its average volume of 5,605,111. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The company has a current ratio of 2.29, a quick ratio of 1.69 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $109.54 billion, a PE ratio of 26.83, a PEG ratio of 3.07 and a beta of 0.73. The business has a fifty day moving average price of $76.98 and a 200 day moving average price of $80.78.

Medtronic (NYSE:MDT – Get Free Report) last released its earnings results on Tuesday, November 21st. The medical technology company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The business had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $7.93 billion. Medtronic had a net margin of 12.83% and a return on equity of 13.73%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.30 EPS. Research analysts expect that Medtronic plc will post 5.16 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Wednesday, December 20th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Tuesday, December 19th. Medtronic’s dividend payout ratio is presently 89.90%.

Analysts Set New Price Targets

MDT has been the subject of a number of analyst reports. Truist Financial boosted their price objective on Medtronic from $84.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. StockNews.com initiated coverage on shares of Medtronic in a research report on Thursday, October 5th. They issued a “buy” rating for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $82.00 price target on shares of Medtronic in a report on Wednesday, November 22nd. Finally, Morgan Stanley lowered their target price on Medtronic from $104.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.08.

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