Prudential Financial Inc. Boosts Stock Position in Medtronic plc (NYSE:MDT)

Prudential Financial Inc. grew its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 97.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 680,217 shares of the medical technology company's stock after acquiring an additional 335,430 shares during the period. Prudential Financial Inc. owned about 0.05% of Medtronic worth $54,336,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Mainstream Capital Management LLC purchased a new position in Medtronic in the fourth quarter valued at approximately $26,000. Stephens Consulting LLC raised its stake 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 buying an additional 204 shares during the period. Rakuten Securities Inc. lifted its position 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 valued at $27,000 after buying an additional 294 shares during the last quarter. J. Stern & Co. LLP bought a new position in shares of Medtronic during the 3rd quarter worth $30,000. Finally, Fiduciary Advisors Inc. purchased a new stake in Medtronic in the 4th quarter worth about $36,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

NYSE MDT traded down $1.63 during trading hours on Tuesday, reaching $88.50. 8,819,534 shares of the stock traded hands, compared to its average volume of 6,105,209. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a 50 day simple moving average of $90.84 and a two-hundred day simple moving average of $88.05. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a market cap of $113.51 billion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

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Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced 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. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's payout ratio is presently 85.11%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic 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 directly owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MDT shares. Barclays increased their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Robert W. Baird raised their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. Finally, UBS Group boosted their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $96.07.

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.