HBK Sorce Advisory LLC Sells 3,086 Shares of Medtronic plc (NYSE:MDT)

HBK Sorce Advisory LLC cut its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 16.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,260 shares of the medical technology company's stock after selling 3,086 shares during the quarter. HBK Sorce Advisory LLC's holdings in Medtronic were worth $1,299,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MDT. Achmea Investment Management B.V. increased its holdings in Medtronic by 0.7% in the 4th quarter. Achmea Investment Management B.V. now owns 192,024 shares of the medical technology company's stock valued at $15,339,000 after acquiring an additional 1,248 shares during the last quarter. 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 valued at $27,000 after purchasing an additional 294 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Medtronic by 2,255.1% in the fourth quarter. Jupiter Asset Management Ltd. now owns 870,956 shares of the medical technology company's stock worth $69,572,000 after purchasing an additional 833,975 shares during the last quarter. Truvestments Capital LLC lifted its position in shares of Medtronic by 5.4% in the fourth quarter. Truvestments Capital LLC now owns 33,233 shares of the medical technology company's stock worth $2,655,000 after buying an additional 1,706 shares in the last quarter. Finally, Hopwood Financial Services Inc. bought a new position in Medtronic during the fourth quarter valued at approximately $68,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MDT shares. Robert W. Baird upped their price objective on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Sanford C. Bernstein lifted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 20th. UBS Group upped their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, December 18th. One equities 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $96.07.

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Medtronic Price Performance

Shares of MDT stock opened at $92.30 on Friday. The stock has a market capitalization of $118.38 billion, a price-to-earnings ratio of 28.05, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a fifty day simple moving average of $89.36 and a two-hundred day simple moving average of $87.94.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.03%. The ex-dividend date is Friday, March 28th. Medtronic's payout ratio is 85.11%.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction that occurred on 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 transaction, the executive vice president now owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

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.

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