Norges Bank Makes New $1.16 Billion Investment in Medtronic plc (NYSE:MDT)

Norges Bank bought a new stake in shares of Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 14,566,604 shares of the medical technology company's stock, valued at approximately $1,163,580,000. Norges Bank owned about 1.14% of Medtronic at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Loomis Sayles & Co. L P lifted its holdings in Medtronic by 6.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,182 shares of the medical technology company's stock worth $196,000 after purchasing an additional 141 shares in the last quarter. FMR LLC increased its holdings in Medtronic by 21.0% in the 3rd quarter. FMR LLC now owns 1,839,569 shares of the medical technology company's stock valued at $165,616,000 after acquiring an additional 319,256 shares during the last quarter. Glenmede Trust Co. NA lifted its stake in Medtronic by 31.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 380,554 shares of the medical technology company's stock worth $34,261,000 after purchasing an additional 90,111 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of Medtronic by 279.5% during the 3rd quarter. CreativeOne Wealth LLC now owns 20,672 shares of the medical technology company's stock valued at $1,861,000 after purchasing an additional 15,225 shares during the last quarter. Finally, Fiduciary Trust Co grew its position in shares of Medtronic by 0.4% during the third quarter. Fiduciary Trust Co now owns 35,375 shares of the medical technology company's stock valued at $3,185,000 after purchasing an additional 142 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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Medtronic Stock Performance

Shares of Medtronic stock traded up $1.50 on Monday, reaching $89.13. 1,695,678 shares of the stock were exchanged, compared to its average volume of 6,542,675. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The business has a 50 day moving average price of $90.98 and a two-hundred day moving average price of $87.99. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $114.32 billion, a price-to-earnings ratio of 27.10, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share 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 analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, March 28th. Medtronic's payout ratio is presently 85.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MDT shares. Robert W. Baird boosted their price target on shares of 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 target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Citigroup upgraded 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 research report on Tuesday, March 4th. UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $96.07.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction that occurred on 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is owned by company insiders.

Medtronic 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.