Medtronic plc (NYSE:MDT) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its stake in Medtronic plc (NYSE:MDT - Free Report) by 4.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 294,752 shares of the medical technology company's stock after selling 14,153 shares during the period. Corebridge Financial Inc.'s holdings in Medtronic were worth $23,545,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Mainstream Capital Management LLC acquired a new position in shares of Medtronic in the 4th quarter worth approximately $26,000. J. Stern & Co. LLP acquired a new position in Medtronic during the third quarter worth $30,000. Rakuten Securities Inc. boosted its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the period. Stephens Consulting LLC boosted its position in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after buying an additional 204 shares during the period. Finally, Fiduciary Advisors Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Down 1.8 %

Shares of NYSE:MDT traded down $1.63 on Tuesday, hitting $88.50. 8,819,534 shares of the company's stock were exchanged, compared to its average volume of 6,105,209. 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 1-year low of $75.96 and a 1-year high of $96.25. The company has a market capitalization of $113.51 billion, a PE ratio of 26.90, a P/E/G ratio of 2.22 and a beta of 0.80. The firm's 50-day moving average is $90.84 and its 200 day moving average is $88.05.

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Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (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 firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio (DPR) is 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MDT. Royal Bank of Canada restated an "outperform" rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. UBS Group raised 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, February 19th. 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 report on Wednesday, February 19th. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. Finally, Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $96.07.

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.