Medtronic plc (NYSE:MDT) Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC lowered its position in Medtronic plc (NYSE:MDT - Free Report) by 29.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,856 shares of the medical technology company's stock after selling 9,043 shares during the quarter. Convergence Investment Partners LLC's holdings in Medtronic were worth $1,746,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OLD National Bancorp IN raised its stake in Medtronic by 12.7% in the third quarter. OLD National Bancorp IN now owns 10,938 shares of the medical technology company's stock valued at $985,000 after buying an additional 1,230 shares in the last quarter. Trilogy Capital Inc. increased its holdings in shares of Medtronic by 4.9% in the 3rd quarter. Trilogy Capital Inc. now owns 4,082 shares of the medical technology company's stock valued at $368,000 after acquiring an additional 192 shares during the last quarter. Waterway Wealth Management LLC raised its position in shares of Medtronic by 62.8% during the 3rd quarter. Waterway Wealth Management LLC now owns 4,493 shares of the medical technology company's stock worth $404,000 after acquiring an additional 1,734 shares in the last quarter. Precision Wealth Strategies LLC lifted its stake in Medtronic by 3.3% during the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company's stock worth $337,000 after purchasing an additional 118 shares during the last quarter. Finally, Telos Capital Management Inc. boosted its holdings in Medtronic by 2.0% in the third quarter. Telos Capital Management Inc. now owns 123,358 shares of the medical technology company's stock valued at $11,106,000 after purchasing an additional 2,402 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company's stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

Medtronic Stock Performance

Shares of MDT stock traded up $2.01 during midday trading on Friday, hitting $89.95. The company had a trading volume of 11,762,886 shares, compared to its average volume of 7,605,718. The stock has a market cap of $115.34 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 2.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company's 50 day simple moving average is $85.93 and its 200 day simple moving average is $87.03. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (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 analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic's dividend payout ratio is currently 85.11%.

Analysts Set New Price Targets

A number of analysts have weighed in on MDT shares. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Wednesday. Sanford C. Bernstein increased their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a research report on Wednesday, November 20th. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $95.20.

About Medtronic

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.