CANADA LIFE ASSURANCE Co Lowers Holdings in Medtronic plc (NYSE:MDT)

CANADA LIFE ASSURANCE Co reduced its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,662,205 shares of the medical technology company's stock after selling 12,193 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.21% of Medtronic worth $212,522,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after buying an additional 754,395 shares during the period. Geode Capital Management LLC raised its stake in Medtronic by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after acquiring an additional 574,055 shares during the period. Invesco Ltd. raised its stake in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares during the period. Norges Bank purchased a new position in Medtronic during the fourth quarter valued at approximately $1,163,580,000. Finally, Raymond James Financial Inc. bought a new position in shares of Medtronic in the fourth quarter worth approximately $852,732,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MDT shares. UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Finally, Robert W. Baird lifted their price objective on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $96.14.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Trading Up 1.8 %

Shares of NYSE:MDT traded up $1.46 during trading on Tuesday, reaching $83.26. The company's stock had a trading volume of 1,964,091 shares, compared to its average volume of 6,649,571. The stock has a market capitalization of $106.78 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm's 50 day simple moving average is $88.72 and its two-hundred day simple moving average is $87.37.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.36%. Medtronic's payout ratio is 85.11%.

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.