ARS Wealth Advisors LLC Makes New Investment in Medtronic plc (NYSE:MDT)

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ARS Wealth Advisors LLC bought a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,333 shares of the medical technology company’s stock, valued at approximately $273,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Meridian Wealth Management LLC grew its position in shares of Medtronic by 34.1% in the fourth quarter. Meridian Wealth Management LLC now owns 3,566 shares of the medical technology company’s stock valued at $417,000 after purchasing an additional 906 shares in the last quarter. Toth Financial Advisory Corp grew its position in shares of Medtronic by 2.0% in the fourth quarter. Toth Financial Advisory Corp now owns 63,711 shares of the medical technology company’s stock valued at $7,463,000 after purchasing an additional 1,241 shares in the last quarter. RNC Capital Management LLC purchased a new position in shares of Medtronic in the fourth quarter valued at $2,249,000. Peapack Gladstone Financial Corp grew its position in shares of Medtronic by 0.9% in the third quarter. Peapack Gladstone Financial Corp now owns 50,583 shares of the medical technology company’s stock valued at $5,256,000 after purchasing an additional 433 shares in the last quarter. Finally, First City Capital Management Inc. grew its position in shares of Medtronic by 88.9% in the third quarter. First City Capital Management Inc. now owns 13,157 shares of the medical technology company’s stock valued at $1,415,000 after purchasing an additional 6,191 shares in the last quarter. Institutional investors own 79.17% of the company’s stock.

MDT stock opened at $118.16 on Thursday. Medtronic plc has a fifty-two week low of $72.13 and a fifty-two week high of $120.53. The business’s 50 day moving average price is $117.04 and its two-hundred day moving average price is $109.74. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.79 and a current ratio of 2.16. The company has a market capitalization of $159.05 billion, a price-to-earnings ratio of 45.10, a price-to-earnings-growth ratio of 3.65 and a beta of 0.70.

Medtronic (NYSE:MDT) last posted its earnings results on Monday, November 23rd. The medical technology company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.22. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. The firm had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter in the prior year, the business earned $0.45 EPS. Sell-side analysts forecast that Medtronic plc will post 4.21 earnings per share for the current year.

Several equities research analysts recently issued reports on the company. Piper Sandler lifted their price objective on Medtronic from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, November 24th. Morgan Stanley raised Medtronic from an “equal weight” rating to an “overweight” rating and set a $140.00 price objective for the company in a research note on Tuesday, December 15th. Wells Fargo & Company lifted their price objective on Medtronic from $118.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, November 18th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price objective on Medtronic from $120.00 to $128.00 in a research note on Wednesday, November 25th. Finally, The Goldman Sachs Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $100.00 to $119.00 in a research note on Tuesday, December 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Medtronic has an average rating of “Buy” and a consensus target price of $120.93.

In related news, EVP Robert John White sold 10,930 shares of the company’s stock in a transaction that occurred on Friday, December 18th. The stock was sold at an average price of $115.46, for a total value of $1,261,977.80. Following the sale, the executive vice president now owns 55,852 shares in the company, valued at approximately $6,448,671.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Carol A. Surface sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 28th. The stock was sold at an average price of $114.90, for a total value of $1,723,500.00. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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