Pitti Group Wealth Management LLC Sells 449 Shares of Medtronic plc (NYSE:MDT)

Pitti Group Wealth Management LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 5.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,575 shares of the medical technology company’s stock after selling 449 shares during the quarter. Pitti Group Wealth Management LLC’s holdings in Medtronic were worth $706,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Morgan Stanley lifted its stake in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Medtronic by 2.6% in the third quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock valued at $1,597,954,000 after buying an additional 508,205 shares in the last quarter. Northern Trust Corp lifted its stake in Medtronic by 2.1% in the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after buying an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Medtronic by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock valued at $843,979,000 after buying an additional 79,660 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after buying an additional 649,367 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.6 %

MDT traded up $0.49 during trading on Friday, reaching $79.74. 5,024,880 shares of the stock were exchanged, compared to its average volume of 5,781,218. The stock has a market cap of $105.88 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The stock’s 50 day moving average price is $83.53 and its two-hundred day moving average price is $81.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same period in the previous year, the company earned $1.30 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.46%. Medtronic’s dividend payout ratio is currently 87.90%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MDT. Mizuho lifted their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer boosted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Truist Financial boosted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $94.91.

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.