Catalyst Financial Partners LLC Sells 1,769 Shares of Medtronic plc (NYSE:MDT)

Catalyst Financial Partners LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 37.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,016 shares of the medical technology company’s stock after selling 1,769 shares during the period. Catalyst Financial Partners LLC’s holdings in Medtronic were worth $248,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pzena Investment Management LLC grew its position in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after acquiring an additional 3,037,394 shares during the last quarter. Morgan Stanley grew its holdings in shares of Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Medtronic by 30.1% in the third quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock valued at $406,004,000 after buying an additional 1,199,639 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Medtronic by 78.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,356,359 shares of the medical technology company’s stock valued at $184,644,000 after buying an additional 1,035,747 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Medtronic by 8,340.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after buying an additional 1,026,274 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Medtronic

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

Medtronic Stock Performance

Shares of MDT traded down $0.34 during midday trading on Wednesday, reaching $81.56. 4,175,553 shares of the stock were exchanged, compared to its average volume of 6,162,365. The stock’s 50 day simple moving average is $83.01 and its 200 day simple moving average is $81.69. The company has a market cap of $108.29 billion, a P/E ratio of 25.97, a PEG ratio of 2.66 and a beta of 0.78. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Truist Financial increased their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Oppenheimer raised their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Mizuho lifted their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $94.91.

About Medtronic

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.