Sarasin & Partners LLP lessened its stake in shares of Medtronic PLC (NYSE:MDT) by 13.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 39,575 shares of the medical technology company’s stock after selling 6,392 shares during the period. Sarasin & Partners LLP’s holdings in Medtronic were worth $3,600,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. Tributary Capital Management LLC purchased a new stake in Medtronic in the fourth quarter worth $27,000. Highwater Wealth Management LLC purchased a new stake in Medtronic in the fourth quarter worth $39,000. IMS Capital Management purchased a new stake in Medtronic in the third quarter worth $41,000. Contravisory Investment Management Inc. increased its stake in Medtronic by 220.0% in the fourth quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock worth $44,000 after purchasing an additional 330 shares during the period. Finally, Karp Capital Management Corp purchased a new stake in Medtronic in the fourth quarter worth $46,000. Institutional investors own 80.59% of the company’s stock.
A number of analysts have weighed in on the company. Zacks Investment Research lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Oppenheimer reiterated a “buy” rating and issued a $104.00 target price on shares of Medtronic in a research note on Tuesday, November 20th. Barclays reiterated a “buy” rating and issued a $104.00 target price on shares of Medtronic in a research note on Wednesday, February 20th. Citigroup increased their target price on Medtronic from $95.00 to $101.00 and gave the stock a “neutral” rating in a research note on Monday, February 25th. Finally, Credit Suisse Group initiated coverage on Medtronic in a research report on Monday, December 17th. They set an “outperform” rating and a $109.00 price target on the stock. Nine research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $104.32.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.24 by $0.05. The company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. Medtronic’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $1.17 earnings per share. As a group, equities analysts predict that Medtronic PLC will post 5.15 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio is presently 41.93%.
In related news, CFO Karen L. Parkhill acquired 3,000 shares of the stock in a transaction on Wednesday, January 9th. The shares were bought at an average price of $83.87 per share, with a total value of $251,610.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Omar Ishrak acquired 12,000 shares of the stock in a transaction on Wednesday, January 9th. The shares were bought at an average cost of $84.05 per share, for a total transaction of $1,008,600.00. The disclosure for this purchase can be found here. Insiders own 0.28% of the company’s stock.
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Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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