Saratoga Research & Investment Management Lowers Holdings in Medtronic plc (NYSE:MDT)

Saratoga Research & Investment Management lowered its stake in Medtronic plc (NYSE:MDT - Free Report) by 16.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,130,258 shares of the medical technology company's stock after selling 225,787 shares during the quarter. Medtronic comprises approximately 4.6% of Saratoga Research & Investment Management's holdings, making the stock its 8th largest holding. Saratoga Research & Investment Management owned 0.09% of Medtronic worth $90,285,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Mainstream Capital Management LLC acquired a new position in Medtronic in the fourth quarter valued at about $26,000. Stephens Consulting LLC raised its position 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 acquiring an additional 204 shares during the period. Rakuten Securities Inc. boosted its stake in 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 acquiring an additional 294 shares during the last quarter. Fiduciary Advisors Inc. acquired a new position in Medtronic during the fourth quarter valued at approximately $36,000. Finally, Kieckhefer Group LLC bought a new stake in Medtronic in the fourth quarter valued at approximately $40,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

NYSE MDT traded down $1.38 on Tuesday, hitting $88.48. 7,059,371 shares of the stock were exchanged, compared to its average volume of 6,569,849. The business's fifty day moving average is $91.02 and its 200 day moving average is $87.99. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a market capitalization of $113.48 billion, a PE ratio of 26.89, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Remove Ads

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, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Friday, March 28th. Medtronic's payout ratio is presently 85.11%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MDT shares. Royal Bank of Canada reissued an "outperform" rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group lifted their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Robert W. Baird increased 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. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $96.07.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic 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 owns 40,979 shares of the company's stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by company 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.