Motley Fool Wealth Management Reduces Medtronic Holdings by 14.7%

Motley Fool Wealth Management LLC has decreased its stake in Medtronic PLC by 14.7%, selling 10,213 shares during the second quarter of 2023. According to a filing with the Securities and Exchange Commission (SEC), the firm now holds a total of 59,031 shares valued at approximately $5.15 million. This change reflects a broader trend among institutional investors, with several firms adjusting their positions in the medical technology company.

Red Spruce Capital LLC increased its stake in Medtronic by 0.5% during the same quarter, now owning 23,707 shares worth around $2.07 million. Certior Financial Group LLC also expanded its holdings by 3.7% in the first quarter, bringing its total to 3,450 shares valued at $310,000. Similarly, Cidel Asset Management Inc. increased its stake by 1.3%, owning 9,531 shares worth approximately $856,000 after acquiring an additional 126 shares.

PrairieView Partners LLC has also made a move, increasing its holdings by 3.6% during the second quarter, resulting in a total of 3,726 shares valued at $324,000. Additionally, Motco raised its stake significantly by 27.0% in the first quarter, now owning 635 shares valued at about $57,000. Currently, institutional investors own approximately 82.06% of Medtronic’s stock.

Stock Performance and Dividend Announcement

On the New York Stock Exchange, Medtronic’s shares opened at $94.09 on Tuesday. The company boasts a market capitalization of $120.69 billion and has a price-to-earnings ratio of 25.92. Its twelve-month trading range has seen a low of $79.29 and a high of $99.37, with a fifty-day simple moving average of $94.35 and a 200-day simple moving average of $89.48. Medtronic’s current ratios indicate solid liquidity, with a quick ratio of 1.50 and a current ratio of 2.01.

In a recent announcement, Medtronic declared a quarterly dividend of $0.71 per share, which was paid on October 17, 2023, to shareholders recorded as of September 26, 2023. This dividend yields 3.0%, resulting in an annualized payout of $2.84. The company’s dividend payout ratio stands at 78.24%.

Insider Transactions and Analyst Ratings

In other developments, Medtronic’s Executive Vice President, Harry Skip Kiil, sold 8,605 shares on September 3, 2023, at an average price of $91.58, amounting to a total transaction value of approximately $788,046. Following the sale, Kiil holds 35,615 shares valued at around $3.26 million, marking a 19.46% decrease in his position.

Conversely, Director William R. Jellison purchased 2,500 shares on August 25, 2023, at an average price of $92.37, totaling $230,925. This acquisition increased his position by 100.00%, bringing his total holdings to 5,000 shares valued at approximately $461,850.

Analysts have been active in providing insights on Medtronic’s stock. Citigroup raised its target price from $101.00 to $112.00 with a “buy” rating. Mizuho increased its price target from $98.00 to $100.00 while maintaining an “outperform” rating. Conversely, Goldman Sachs revised its target down from $82.00 to $81.00, assigning a “sell” rating.

Overall, Medtronic currently holds a consensus rating of “Moderate Buy” with a target price of $102.82, as reported by MarketBeat.

Medtronic plc continues to develop and supply device-based medical therapies worldwide, focusing on various therapeutic areas including cardiovascular technologies. The ongoing adjustments in institutional ownership and the firm’s commitment to dividends reflect its strategic positioning in the medical technology sector.