Medtronic plc (NYSE:MDT) Shares Acquired by Pitcairn Co.

Pitcairn Co. boosted its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 35.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 29,357 shares of the medical technology company's stock after acquiring an additional 7,711 shares during the period. Pitcairn Co.'s holdings in Medtronic were worth $2,345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in shares of Medtronic in the fourth quarter worth about $26,000. Rakuten Securities Inc. boosted its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Stephens Consulting LLC grew its position in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. Fiduciary Advisors Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $36,000. Finally, Chelsea Counsel Co. acquired a new stake in shares of Medtronic in the third quarter valued at approximately $45,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.1 %

NYSE:MDT traded up $0.10 during mid-day trading on Monday, hitting $82.98. The stock had a trading volume of 4,013,513 shares, compared to its average volume of 6,601,079. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a 50-day simple moving average of $90.87 and a two-hundred day simple moving average of $87.93. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $106.42 billion, a PE ratio of 25.14, a PEG ratio of 2.22 and a beta of 0.79.

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Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. On average, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.37%. Medtronic's dividend payout ratio (DPR) is 85.11%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MDT shares. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $96.07.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

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.