Wallington Asset Management LLC Buys 929 Shares of Medtronic plc (NYSE:MDT)

Wallington Asset Management LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 0.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 179,223 shares of the medical technology company’s stock after acquiring an additional 929 shares during the period. Medtronic makes up 2.5% of Wallington Asset Management LLC’s holdings, making the stock its 13th biggest holding. Wallington Asset Management LLC’s holdings in Medtronic were worth $14,764,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BKM Wealth Management LLC bought a new stake in Medtronic in the 4th quarter worth about $941,000. Perceptive Advisors LLC purchased a new position in Medtronic in the second quarter valued at about $41,143,000. Tower Research Capital LLC TRC boosted its stake in Medtronic by 69.3% in the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after acquiring an additional 16,574 shares during the last quarter. Ropes Wealth Advisors LLC boosted its stake in Medtronic by 21.4% in the third quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock valued at $565,000 after acquiring an additional 1,269 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Medtronic by 109,325.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock valued at $7,572,000 after acquiring an additional 91,833 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on MDT shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Mizuho upped their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Truist Financial upped their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Finally, Oppenheimer upped their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. One equities research 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $94.91.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.64 during trading on Friday, reaching $84.56. The company had a trading volume of 4,795,556 shares, compared to its average volume of 6,114,499. The company has a fifty day moving average of $85.17 and a two-hundred day moving average of $80.92. The stock has a market capitalization of $112.28 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 2.89 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 company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

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

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be given 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 payout ratio is presently 87.90%.

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.