Cerity Partners LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 257,968 shares of the medical technology company's stock after buying an additional 14,660 shares during the period. Cerity Partners LLC's holdings in Medtronic were worth $22,003,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Norges Bank bought a new stake in Medtronic during the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. purchased a new position in shares of Medtronic during the 4th quarter worth $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic during the 4th quarter valued at $377,169,000. Van ECK Associates Corp increased its stake in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after purchasing an additional 2,476,935 shares in the last quarter. Finally, Boston Partners raised its holdings in Medtronic by 117.4% in the 4th quarter. Boston Partners now owns 3,102,605 shares of the medical technology company's stock worth $248,311,000 after purchasing an additional 1,675,588 shares during the period. 82.06% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms have issued reports on MDT. Royal Bank of Canada reissued an "outperform" rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird boosted their price objective on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic 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 assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $96.14.
Get Our Latest Research Report on MDT
Medtronic Price Performance
Shares of MDT traded up $0.15 during midday trading on Friday, hitting $82.69. 8,011,993 shares of the company traded hands, compared to its average volume of 6,683,754. The stock has a market cap of $106.05 billion, a price-to-earnings ratio of 25.13, a PEG ratio of 2.22 and a beta of 0.79. The firm has a 50 day moving average of $89.71 and a 200-day moving average of $87.63. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating 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 company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. On average, analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.
Medtronic Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's dividend payout ratio is presently 85.11%.
Insider Activity at Medtronic
In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president now directly owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is owned by insiders.
Medtronic Company Profile
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Free Report)
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.
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