Kayne Anderson Rudnick Investment Management LLC Sells 3,462 Shares of Medtronic plc (NYSE:MDT)

Kayne Anderson Rudnick Investment Management LLC decreased its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 12.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 23,291 shares of the medical technology company's stock after selling 3,462 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Medtronic were worth $1,861,000 at the end of the most recent quarter.

Other large investors 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 fourth quarter worth about $26,000. Rakuten Securities Inc. boosted its holdings in Medtronic by 753.8% in the 4th 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 grew its stake in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after buying an additional 204 shares in the last quarter. Fiduciary Advisors Inc. bought a new stake in Medtronic during the 4th quarter valued at $36,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic during the third quarter worth $45,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.20% of the company's stock.

Medtronic Trading Up 1.9 %

Shares of MDT opened at $83.39 on Wednesday. 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 fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a 50 day moving average price of $88.54 and a 200-day moving average price of $87.34. The firm has a market cap of $106.95 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last posted 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. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Analyst Ratings Changes

A number of analysts recently issued reports on MDT shares. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. 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. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, UBS Group boosted their price target 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. One 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 stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $96.14.

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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