Medtronic plc (NYSE:MDT) Position Trimmed by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC lowered its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 11.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 100,800 shares of the medical technology company's stock after selling 13,328 shares during the quarter. Gateway Investment Advisers LLC's holdings in Medtronic were worth $8,052,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Copley Financial Group Inc. acquired a new stake in Medtronic in the 3rd quarter valued at about $694,000. Olstein Capital Management L.P. grew its stake in Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock worth $7,833,000 after purchasing an additional 14,000 shares in the last quarter. Franklin Street Advisors Inc. NC raised its holdings in Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock valued at $5,873,000 after acquiring an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in shares of Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock worth $6,626,000 after purchasing an additional 56,178 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. acquired a new position in shares of Medtronic during the 3rd quarter worth about $9,486,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

MDT traded up $1.07 on Friday, hitting $88.23. 9,577,939 shares of the company's stock were exchanged, compared to its average volume of 8,494,167. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $83.63 and a two-hundred day moving average of $85.03. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The firm has a market cap of $113.13 billion, a PE ratio of 26.98, a P/E/G ratio of 2.28 and a beta of 0.83.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period last year, the company earned $1.25 earnings per share. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. On average, research analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic's dividend payout ratio is currently 85.63%.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the business's stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

MDT has been the topic of several research analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Monday, November 18th. Royal Bank of Canada upgraded shares of Medtronic from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. Finally, Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $95.00.

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.