Channing Capital Management LLC Sells 16,855 Shares of Medtronic plc (NYSE:MDT)

Channing Capital Management LLC lowered its position in Medtronic plc (NYSE:MDT - Free Report) by 17.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,577 shares of the medical technology company's stock after selling 16,855 shares during the period. Channing Capital Management LLC's holdings in Medtronic were worth $6,596,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MDT. Morton Community Bank grew its position in shares of Medtronic by 2.1% during the 4th quarter. Morton Community Bank now owns 35,734 shares of the medical technology company's stock worth $2,854,000 after buying an additional 733 shares during the period. Independent Advisor Alliance boosted its stake in Medtronic by 25.3% in the 4th quarter. Independent Advisor Alliance now owns 54,907 shares of the medical technology company's stock worth $4,386,000 after purchasing an additional 11,075 shares during the period. Paragon Private Wealth Management LLC lifted its stake in Medtronic by 5.8% in the 4th quarter. Paragon Private Wealth Management LLC now owns 9,967 shares of the medical technology company's stock valued at $796,000 after acquiring an additional 544 shares in the last quarter. Meriwether Wealth & Planning LLC acquired a new stake in Medtronic in the 4th quarter valued at $717,000. Finally, Daiwa Securities Group Inc. increased its position in shares of Medtronic by 10.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 177,192 shares of the medical technology company's stock worth $14,154,000 after purchasing an additional 16,482 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly 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 filing with the SEC, which is available at the SEC website. Corporate insiders own 0.20% of the company's stock.

Medtronic Trading Down 1.7 %

NYSE:MDT traded down $1.55 during trading hours on Wednesday, hitting $91.73. 3,686,721 shares of the company were exchanged, compared to its average volume of 6,045,227. The company has a fifty day simple moving average of $88.89 and a 200 day simple moving average of $87.88. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The stock has a market capitalization of $117.65 billion, a price-to-earnings ratio of 27.85, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last released its 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 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 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.05%. Medtronic's payout ratio is presently 85.11%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MDT. Robert W. Baird boosted their price target on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Truist Financial decreased their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic has an average rating of "Hold" and a consensus target price of $96.07.

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.