Lingohr Asset Management GmbH Takes $1.07 Million Position in Medtronic plc (NYSE:MDT)

Lingohr Asset Management GmbH acquired a new stake in Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,461 shares of the medical technology company’s stock, valued at approximately $1,072,000. Medtronic makes up 2.2% of Lingohr Asset Management GmbH’s portfolio, making the stock its 8th biggest position.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp lifted its position in shares of Medtronic by 0.9% in the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after acquiring an additional 520,027 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Medtronic in the fourth quarter valued at $852,732,000. First Eagle Investment Management LLC lifted its position in shares of Medtronic by 0.3% in the fourth quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock valued at $782,201,000 after acquiring an additional 28,910 shares in the last quarter. Pzena Investment Management LLC lifted its position in shares of Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after acquiring an additional 275,870 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Medtronic by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,002,051 shares of the medical technology company’s stock valued at $639,204,000 after purchasing an additional 134,647 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on MDT. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Truist Financial dropped 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. UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Wells Fargo & Company dropped their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $96.07.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $91.78 on Thursday. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The business has a 50-day moving average of $90.30 and a 200-day moving average of $88.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market capitalization of $117.71 billion, a price-to-earnings ratio of 27.90, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s payout ratio is 85.11%.

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.