Rhenman & Partners Asset Management AB Sells 98,500 Shares of Medtronic plc (NYSE:MDT)

Rhenman & Partners Asset Management AB decreased its position in Medtronic plc (NYSE:MDT - Free Report) by 26.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 269,500 shares of the medical technology company's stock after selling 98,500 shares during the quarter. Medtronic makes up 2.2% of Rhenman & Partners Asset Management AB's investment portfolio, making the stock its 14th largest position. Rhenman & Partners Asset Management AB's holdings in Medtronic were worth $21,528,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Medtronic in the 4th quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic during the fourth quarter valued at $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic during the fourth quarter valued at $377,169,000. Van ECK Associates Corp boosted its holdings in shares of Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Finally, Boston Partners increased its stake in shares of Medtronic by 117.4% in the 4th quarter. Boston Partners now owns 3,102,605 shares of the medical technology company's stock worth $248,311,000 after acquiring an additional 1,675,588 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic 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 transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.20% of the stock is currently owned by company insiders.

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Analyst Ratings Changes

MDT has been the topic of several research reports. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Finally, UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $96.07.

Medtronic Stock Performance

MDT stock traded down $1.75 on Wednesday, hitting $80.13. The company had a trading volume of 2,500,911 shares, compared to its average volume of 7,785,271. 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 plc has a 12-month low of $75.96 and a 12-month high of $96.25. The stock has a market cap of $102.77 billion, a price-to-earnings ratio of 24.33, a P/E/G ratio of 2.22 and a beta of 0.79. The stock's 50-day simple moving average is $90.28 and its 200 day simple moving average is $87.79.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Friday, March 28th. Medtronic's payout ratio is 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.