DnB Asset Management AS Sells 167,654 Shares of Medtronic plc (NYSE:MDT)

DnB Asset Management AS decreased its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 14.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 969,285 shares of the medical technology company's stock after selling 167,654 shares during the period. DnB Asset Management AS owned about 0.08% of Medtronic worth $77,426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Mainstream Capital Management LLC acquired a new stake in Medtronic during the fourth quarter worth about $26,000. Stephens Consulting LLC boosted its holdings 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 valued at $27,000 after acquiring an additional 204 shares during the period. Rakuten Securities Inc. grew 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 acquiring an additional 294 shares during the last quarter. Fiduciary Advisors Inc. acquired a new stake in shares of Medtronic in the 4th quarter worth about $36,000. Finally, Kieckhefer Group LLC bought a new stake in Medtronic in the 4th quarter valued at about $40,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Up 1.7 %

Medtronic stock traded up $1.48 during mid-day trading on Monday, hitting $89.11. The company's stock had a trading volume of 2,332,890 shares, compared to its average volume of 6,545,061. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The firm's 50 day moving average is $90.98 and its 200 day moving average is $87.99. The company has a market cap of $114.28 billion, a PE ratio of 27.09, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

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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 the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. On average, analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.14%. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MDT. Royal Bank of Canada restated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. One equities 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. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $96.07.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the 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 in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

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.