KLP Kapitalforvaltning AS Makes New Investment in Medtronic plc (NYSE:MDT)

KLP Kapitalforvaltning AS purchased a new stake in Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 486,387 shares of the medical technology company's stock, valued at approximately $39,185,000.

Several other institutional investors have also recently made changes to their positions in MDT. Darwin Wealth Management LLC bought a new position in shares of Medtronic in the third quarter valued at $27,000. Mainstream Capital Management LLC acquired a new stake in Medtronic in the fourth quarter valued at $26,000. J. Stern & Co. LLP bought a new position in shares of Medtronic in the 3rd quarter valued at about $30,000. Rakuten Securities Inc. increased its stake in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Finally, Stephens Consulting LLC raised its holdings in shares of 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 purchasing an additional 204 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value 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 $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 available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

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Analysts Set New Price Targets

MDT has been the subject of several research reports. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, December 18th. UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Robert W. Baird increased their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $96.07.

Medtronic Price Performance

Shares of NYSE MDT traded down $1.63 during midday trading on Tuesday, reaching $88.50. 8,819,534 shares of the company were exchanged, compared to its average volume of 6,105,209. The stock's 50-day moving average price is $90.90 and its 200-day moving average price is $88.04. The stock has a market cap of $113.51 billion, a P/E ratio of 26.90, a PEG ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share 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 $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

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.