Te Ahumairangi Investment Management Ltd Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

Te Ahumairangi Investment Management Ltd cut its position in shares of Medtronic plc (NYSE:MDT) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,991 shares of the medical technology company’s stock after selling 1,330 shares during the period. Te Ahumairangi Investment Management Ltd’s holdings in Medtronic were worth $4,073,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MDT. Columbia Asset Management purchased a new position in Medtronic in the fourth quarter worth approximately $4,284,000. Meeder Advisory Services Inc. lifted its stake in shares of Medtronic by 2.6% in the 4th quarter. Meeder Advisory Services Inc. now owns 18,604 shares of the medical technology company’s stock valued at $1,486,000 after purchasing an additional 479 shares during the last quarter. Knott David M Jr purchased a new position in shares of Medtronic during the 4th quarter worth $639,000. OV Management LLC increased its position in shares of Medtronic by 8.5% during the 4th quarter. OV Management LLC now owns 21,754 shares of the medical technology company’s stock worth $1,738,000 after purchasing an additional 1,697 shares during the last quarter. Finally, Boston Family Office LLC raised its holdings in Medtronic by 1.5% in the 4th quarter. Boston Family Office LLC now owns 27,305 shares of the medical technology company’s stock valued at $2,181,000 after buying an additional 413 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $88.48 on Wednesday. The business has a 50-day simple moving average of $91.02 and a 200-day simple moving average of $87.98. The company has a market cap of $113.48 billion, a PE ratio of 26.89, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MDT shares. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and set 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 given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Profile

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.