Clear Harbor Asset Management LLC Increases Stake in Medtronic plc (NYSE:MDT)

by · The Markets Daily

Clear Harbor Asset Management LLC raised its holdings in Medtronic plc (NYSE:MDT – Free Report) by 3.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,855 shares of the medical technology company’s stock after buying an additional 297 shares during the period. Clear Harbor Asset Management LLC’s holdings in Medtronic were worth $787,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Guardian Wealth Management Inc. boosted its holdings in Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after purchasing an additional 115 shares during the period. First PREMIER Bank boosted its stake in shares of Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after buying an additional 116 shares during the period. First City Capital Management Inc. grew its position in shares of Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares in the last quarter. Hardy Reed LLC increased its stake in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after buying an additional 116 shares during the period. Finally, Precision Wealth Strategies LLC raised its holdings in Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after acquiring an additional 118 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.3 %

Shares of Medtronic stock opened at $88.35 on Wednesday. The company’s fifty day moving average is $83.64 and its two-hundred day moving average is $85.29. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market capitalization of $113.29 billion, a P/E ratio of 27.02, a PEG ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.17%. Medtronic’s dividend payout ratio is currently 85.63%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Robert W. Baird dropped their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. dropped their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have given 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.com, the company presently has an average rating of “Hold” and an average target price of $95.00.

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Medtronic Profile

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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.

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