Medtronic plc (NYSE:MDT) Position Lowered by Altrinsic Global Advisors LLC

Altrinsic Global Advisors LLC lowered its position in Medtronic plc (NYSE:MDT - Free Report) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,927,546 shares of the medical technology company's stock after selling 28,155 shares during the quarter. Medtronic comprises about 7.5% of Altrinsic Global Advisors LLC's holdings, making the stock its 5th biggest holding. Altrinsic Global Advisors LLC owned approximately 0.15% of Medtronic worth $153,972,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Copley Financial Group Inc. purchased a new position in Medtronic during the third quarter worth about $694,000. Franklin Street Advisors Inc. NC boosted its position in shares of Medtronic by 32.6% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock worth $5,873,000 after purchasing an additional 18,057 shares during the period. Olstein Capital Management L.P. increased its holdings in Medtronic by 8.0% in the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock valued at $7,509,000 after purchasing an additional 7,000 shares during the last quarter. Czech National Bank raised its position in Medtronic by 6.4% in the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock valued at $22,212,000 after purchasing an additional 16,786 shares during the period. Finally, Empowered Funds LLC lifted its stake in Medtronic by 2.7% during the fourth quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock worth $8,453,000 after purchasing an additional 2,778 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Up 1.9 %

MDT stock opened at $83.39 on Wednesday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market cap of $106.95 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a fifty day moving average price of $88.54 and a 200 day moving average price of $87.34.

Medtronic (NYSE:MDT - Get Free Report) last announced its 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 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%. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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

Insider Activity at Medtronic

In other 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 value of $1,119,330.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group lifted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Robert W. Baird lifted their price target on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. One investment 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. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $96.14.

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.

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