Medtronic plc (NYSE:MDT) Shares Sold by Corbyn Investment Management Inc. MD

Corbyn Investment Management Inc. MD lessened its stake in Medtronic plc (NYSE:MDT) by 4.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 59,392 shares of the medical technology company’s stock after selling 3,022 shares during the period. Medtronic comprises 2.3% of Corbyn Investment Management Inc. MD’s investment portfolio, making the stock its 15th biggest position. Corbyn Investment Management Inc. MD’s holdings in Medtronic were worth $4,893,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $25,000. Hartford Financial Management Inc. boosted its holdings in Medtronic by 425.0% in the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after buying an additional 255 shares during the last quarter. Financial Gravity Asset Management Inc. raised its holdings in shares of Medtronic by 317.0% during 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 last quarter. Princeton Global Asset Management LLC purchased a new position in shares of Medtronic in the third quarter valued at approximately $31,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Medtronic during the fourth quarter worth approximately $49,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated 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 sale, 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 document filed with the SEC, which is available through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the company’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 value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Trading Up 0.3 %

MDT stock traded up $0.24 during mid-day trading on Friday, hitting $79.49. 1,987,872 shares of the company were exchanged, compared to its average volume of 6,211,957. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The firm has a market capitalization of $105.55 billion, a P/E ratio of 25.24, a PEG ratio of 2.75 and a beta of 0.76. The business has a fifty day simple moving average of $83.62 and a 200-day simple moving average of $81.12. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. 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 company posted $1.30 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. On average, equities research analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MDT shares. Oppenheimer lifted their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Truist Financial boosted their target price on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Finally, Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $94.91.

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.