Medtronic PLC $MDT Position Decreased by Guinness Asset Management LTD

Key Points

• Guinness Asset Management cut its Medtronic stake by 2.6% in the fourth quarter, selling 75,153 shares but still holding 2.86 million shares worth about $274 million. Medtronic remained its fourth-largest holding and made up 4.4% of the portfolio.
• Medtronic beat quarterly expectations in its latest earnings report, posting EPS of $1.36 on revenue of $9.02 billion, both ahead of analyst estimates. Revenue rose 5.8% year over year, and the company’s net margin was 13.0%.
• Analysts remain cautious but constructive on the stock, with a consensus rating of “Moderate Buy” and an average target price of $106.45. Recent rating changes included several hold and buy calls, while Medtronic also paid a quarterly dividend of $0.71 per share, implying a 3.6% yield.

Guinness Asset Management LTD decreased its position in Medtronic PLC (NYSE:MDT - Free Report) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,857,234 shares of the medical technology company's stock after selling 75,153 shares during the period. Medtronic comprises 4.4% of Guinness Asset Management LTD's portfolio, making the stock its 4th largest holding. Guinness Asset Management LTD owned 0.22% of Medtronic worth $273,967,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Delta Financial Advisors LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $285,000. Advisory Alpha LLC lifted its stake in shares of Medtronic by 21.6% in the fourth quarter. Advisory Alpha LLC now owns 3,872 shares of the medical technology company's stock valued at $372,000 after purchasing an additional 688 shares during the period. Evoke Wealth LLC lifted its stake in shares of Medtronic by 10.3% in the fourth quarter. Evoke Wealth LLC now owns 5,708 shares of the medical technology company's stock valued at $553,000 after purchasing an additional 531 shares during the period. Keudell Morrison Wealth Management acquired a new stake in shares of Medtronic in the fourth quarter valued at about $219,000. Finally, Axxcess Wealth Management LLC lifted its stake in shares of Medtronic by 119.9% in the fourth quarter. Axxcess Wealth Management LLC now owns 30,264 shares of the medical technology company's stock valued at $2,907,000 after purchasing an additional 16,502 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT opened at $78.66 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The stock has a market cap of $100.99 billion, a P/E ratio of 21.91, a PEG ratio of 1.86 and a beta of 0.62. The company has a 50-day moving average of $83.50 and a two-hundred day moving average of $93.15. Medtronic PLC has a 12-month low of $74.40 and a 12-month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 17th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. The company had revenue of $9.02 billion during the quarter, compared to analysts' expectations of $8.89 billion. Medtronic had a net margin of 13.00% and a return on equity of 14.82%. The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.38 earnings per share. As a group, research analysts predict that Medtronic PLC will post 5.56 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, March 27th. Medtronic's payout ratio is currently 79.11%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Jefferies Financial Group reiterated a "hold" rating and issued a $95.00 price objective on shares of Medtronic in a research note on Thursday, April 23rd. Daiwa Securities Group reduced their price objective on shares of Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, February 27th. Stifel Nicolaus reduced their price objective on shares of Medtronic from $105.00 to $95.00 and set a "hold" rating for the company in a research note on Monday, April 6th. Citigroup reduced their price objective on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research note on Tuesday, April 7th. Finally, Truist Financial reduced their price objective on shares of Medtronic from $103.00 to $95.00 and set a "hold" rating for the company in a research note on Wednesday, April 15th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average target price of $106.45.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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