Medtronic plc (NYSE:MDT) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp reduced its holdings in Medtronic plc (NYSE:MDT - Free Report) by 36.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,363 shares of the medical technology company's stock after selling 8,673 shares during the period. Atlantic Union Bankshares Corp's holdings in Medtronic were worth $1,227,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MDT. Amundi raised its position in Medtronic by 0.7% during the fourth quarter. Amundi now owns 4,883,584 shares of the medical technology company's stock valued at $403,773,000 after purchasing an additional 31,794 shares during the period. Naviter Wealth LLC boosted its stake in shares of Medtronic by 19.1% during the 4th quarter. Naviter Wealth LLC now owns 19,473 shares of the medical technology company's stock worth $1,569,000 after purchasing an additional 3,120 shares during the period. Larson Financial Group LLC grew its holdings in Medtronic by 20.1% during the 4th quarter. Larson Financial Group LLC now owns 29,635 shares of the medical technology company's stock valued at $2,367,000 after purchasing an additional 4,960 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in Medtronic by 174.3% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 894,086 shares of the medical technology company's stock worth $75,994,000 after purchasing an additional 568,107 shares during the period. Finally, Machina Capital S.A.S. purchased a new stake in Medtronic in the 4th quarter worth about $1,534,000. 82.06% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDT. Royal Bank of Canada restated an "outperform" rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Finally, Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus rating of "Hold" and an average price target of $96.07.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the business's stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % 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. Insiders own 0.20% of the company's stock.

Medtronic Stock Down 0.4 %

MDT stock traded down $0.36 during trading on Tuesday, reaching $93.44. 7,300,420 shares of the company traded hands, compared to its average volume of 6,054,050. The business has a 50 day simple moving average of $88.89 and a 200 day simple moving average of $87.88. 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 quick ratio of 1.39 and a current ratio of 1.90. The company has a market capitalization of $119.85 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.00%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

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.