Fmr LLC Buys 265,416 Shares of Medtronic plc (NYSE:MDT)

FMR LLC boosted its stake in Medtronic plc (NYSE:MDT - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,104,985 shares of the medical technology company's stock after purchasing an additional 265,416 shares during the period. FMR LLC owned about 0.16% of Medtronic worth $168,146,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Morse Asset Management Inc bought a new stake in Medtronic in the third quarter valued at $225,000. Sunbelt Securities Inc. raised its holdings in shares of Medtronic by 6.8% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,316 shares of the medical technology company's stock worth $299,000 after acquiring an additional 210 shares during the last quarter. Te Ahumairangi Investment Management Ltd increased its holdings in Medtronic by 4.1% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 52,321 shares of the medical technology company's stock worth $4,684,000 after purchasing an additional 2,050 shares in the last quarter. Chelsea Counsel Co. purchased a new stake in shares of Medtronic in the third quarter worth approximately $45,000. Finally, Tudor Financial Inc. bought a new position in shares of Medtronic in the third quarter valued at approximately $586,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent analyst reports. UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday. Finally, Royal Bank of Canada restated an "outperform" rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $96.14.

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Medtronic Stock Down 1.9 %

Shares of Medtronic stock traded down $1.58 during trading on Tuesday, hitting $82.64. The company's stock had a trading volume of 2,610,213 shares, compared to its average volume of 6,663,979. 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 $105.99 billion, a PE ratio of 25.12, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a fifty day simple moving average of $89.56 and a two-hundred day simple moving average of $87.60. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $8.29 billion for 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%. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.39%. Medtronic's payout ratio is currently 85.11%.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.20% of the company's stock.

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.