Envestnet Asset Management Inc. Acquires 232,277 Shares of Medtronic plc (NYSE:MDT)

Envestnet Asset Management Inc. boosted its holdings in Medtronic plc (NYSE:MDT - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,387,426 shares of the medical technology company's stock after purchasing an additional 232,277 shares during the period. Envestnet Asset Management Inc. owned about 0.34% of Medtronic worth $350,468,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Copley Financial Group Inc. acquired a new position in shares of Medtronic during the 3rd quarter worth about $694,000. Franklin Street Advisors Inc. NC boosted its holdings in Medtronic by 32.6% in the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock valued at $5,873,000 after purchasing an additional 18,057 shares during the period. Y Intercept Hong Kong Ltd increased its stake in Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock worth $6,626,000 after acquiring an additional 56,178 shares during the period. Olstein Capital Management L.P. raised its stake in Medtronic by 8.0% in the fourth 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 in the last quarter. Finally, Czech National Bank raised its position in shares of Medtronic by 6.4% in the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock valued at $22,212,000 after buying an additional 16,786 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

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Medtronic Stock Up 4.3 %

Shares of MDT traded up $3.54 during trading hours on Wednesday, reaching $85.42. 11,980,488 shares of the stock traded hands, compared to its average volume of 6,662,947. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $90.04 and a 200 day simple moving average of $87.74. The company has a market cap of $109.55 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, equities analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MDT shares. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. Robert W. Baird boosted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of "Hold" and an average price target of $96.07.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction 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 of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by insiders.

Medtronic Company 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.