Medtronic plc (NYSE:MDT) Shares Sold by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. lowered its position in Medtronic plc (NYSE:MDT) by 1.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 535,391 shares of the medical technology company’s stock after selling 6,778 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Medtronic were worth $44,293,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Moneta Group Investment Advisors LLC boosted its holdings in Medtronic by 127,655.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after acquiring an additional 14,149,287 shares during the last quarter. Norges Bank purchased a new position in Medtronic in the fourth quarter valued at about $1,062,316,000. Bank of New York Mellon Corp raised its position in Medtronic by 33.1% in the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after purchasing an additional 4,816,172 shares during the period. Pzena Investment Management LLC raised its position in Medtronic by 112.8% in the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after purchasing an additional 3,037,394 shares during the period. Finally, Morgan Stanley raised its position in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.8 %

Medtronic stock traded up $0.70 during midday trading on Friday, hitting $84.62. The stock had a trading volume of 1,685,757 shares, compared to its average volume of 6,222,331. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The stock has a market cap of $112.36 billion, a P/E ratio of 26.72, a P/E/G ratio of 2.91 and a beta of 0.76. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02. The business has a fifty day moving average price of $85.21 and a 200 day moving average price of $80.92.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same period in the previous year, the firm posted $1.30 earnings per share. Medtronic’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Wall Street Analyst Weigh In

Several research analysts have commented on MDT shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial raised their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, Mizuho raised their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Insider Buying and Selling

In related news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

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.