Federated Hermes Inc. Sells 342,712 Shares of Medtronic plc (NYSE:MDT)

Federated Hermes Inc. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,403,734 shares of the medical technology company’s stock after selling 342,712 shares during the quarter. Federated Hermes Inc. owned 0.18% of Medtronic worth $198,020,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC bought a new position in Medtronic in the fourth quarter valued at about $25,000. Hartford Financial Management Inc. lifted its holdings in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the period. Financial Gravity Asset Management Inc. lifted its holdings in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Fairfield Bush & CO. bought a new position in Medtronic in the second quarter valued at about $32,000. Finally, Certified Advisory Corp bought a new position in Medtronic in the first quarter valued at about $31,000. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Medtronic Price Performance

Shares of NYSE:MDT traded down $0.26 during trading on Thursday, hitting $78.82. 1,814,295 shares of the company’s stock were exchanged, compared to its average volume of 6,256,227. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The business’s 50-day simple moving average is $84.18 and its 200 day simple moving average is $81.01. The company has a market cap of $104.66 billion, a price-to-earnings ratio of 25.18, a PEG ratio of 2.71 and a beta of 0.76.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter last year, the business posted $1.30 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, equities analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio is presently 87.90%.

Medtronic Company 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.