ExodusPoint Capital Management LP Cuts Stock Position in Medtronic plc (NYSE:MDT)

ExodusPoint Capital Management LP reduced its position in Medtronic plc (NYSE:MDT - Free Report) by 48.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 467,367 shares of the medical technology company's stock after selling 441,181 shares during the quarter. ExodusPoint Capital Management LP's holdings in Medtronic were worth $37,333,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in shares of Medtronic in the 4th quarter valued at $26,000. Stephens Consulting LLC boosted its position in 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 purchasing an additional 204 shares in the last quarter. Rakuten Securities Inc. grew its stake in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares during the last quarter. Fiduciary Advisors Inc. bought a new position in Medtronic in the fourth quarter worth about $36,000. Finally, Kieckhefer Group LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at about $40,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MDT. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird boosted their target price on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. UBS Group upped 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. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $96.07.

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Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company's stock.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $5.03 during midday trading on Friday, reaching $82.86. The company's stock had a trading volume of 12,031,524 shares, compared to its average volume of 6,610,094. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock has a fifty day moving average of $90.87 and a 200 day moving average of $87.93. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The firm has a market capitalization of $106.28 billion, a PE ratio of 25.19, a P/E/G ratio of 2.22 and a beta of 0.79.

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 for the quarter, topping the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's payout ratio is presently 85.11%.

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.