Azimuth Capital Investment Management LLC Increases Stake in Medtronic plc (NYSE:MDT)

Azimuth Capital Investment Management LLC raised its position in Medtronic plc (NYSE:MDT - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,920 shares of the medical technology company's stock after acquiring an additional 3,250 shares during the period. Azimuth Capital Investment Management LLC's holdings in Medtronic were worth $7,023,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Copley Financial Group Inc. acquired a new position in Medtronic during the 3rd quarter valued at about $694,000. Franklin Street Advisors Inc. NC increased its holdings in shares of Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock valued at $5,873,000 after acquiring an additional 18,057 shares in the last quarter. Olstein Capital Management L.P. raised its position in shares of Medtronic by 8.0% in the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock valued at $7,509,000 after purchasing an additional 7,000 shares during the last quarter. Czech National Bank boosted its stake in Medtronic by 6.4% in the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock worth $22,212,000 after purchasing an additional 16,786 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Medtronic by 2.7% during the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock valued at $8,453,000 after purchasing an additional 2,778 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company's stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.20% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MDT shares. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Medtronic has a consensus rating of "Hold" and an average target price of $96.14.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.69 during trading on Monday, reaching $83.59. 1,445,485 shares of the company's stock traded hands, compared to its average volume of 7,848,962. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a 50-day simple moving average of $89.71 and a 200-day simple moving average of $87.63. The firm has a market cap of $107.21 billion, a PE ratio of 25.41, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.35%. The ex-dividend date was Friday, March 28th. Medtronic's payout ratio is 85.11%.

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.