Dearborn Partners LLC Buys 5,252 Shares of Medtronic plc (NYSE:MDT)

Dearborn Partners LLC raised its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,027 shares of the medical technology company's stock after buying an additional 5,252 shares during the period. Dearborn Partners LLC's holdings in Medtronic were worth $5,754,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Guardian Wealth Management Inc. lifted its stake in shares of Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company's stock valued at $1,182,000 after purchasing an additional 115 shares during the period. MONECO Advisors LLC grew its holdings in Medtronic by 1.8% in the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock worth $512,000 after purchasing an additional 115 shares during the period. First City Capital Management Inc. increased its stake in shares of Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company's stock valued at $371,000 after purchasing an additional 116 shares in the last quarter. Hardy Reed LLC boosted its position in shares of Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock worth $247,000 after purchasing an additional 116 shares in the last quarter. Finally, OLD Second National Bank of Aurora grew its stake in shares of Medtronic by 0.3% in the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company's stock worth $2,900,000 after buying an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

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Insider Activity

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 transaction of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MDT shares. Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. Royal Bank of Canada reissued an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup raised shares of 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. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a report on Friday, November 15th. Finally, Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $96.07.

Medtronic Stock Performance

Shares of MDT stock traded down $1.49 during trading hours on Wednesday, reaching $91.79. 3,686,721 shares of the company traded hands, compared to its average volume of 6,045,253. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a market cap of $117.72 billion, a P/E ratio of 27.85, a P/E/G ratio of 2.22 and a beta of 0.80. The firm has a 50-day moving average price of $88.89 and a 200 day moving average price of $87.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. As a group, sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Friday, March 28th. Medtronic's payout ratio is currently 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.