Pzena Investment Management LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Pzena Investment Management LLC trimmed its stake in Medtronic plc (NYSE:MDT - Free Report) by 4.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,215,017 shares of the medical technology company's stock after selling 367,976 shares during the period. Medtronic makes up about 2.3% of Pzena Investment Management LLC's portfolio, making the stock its 20th biggest position. Pzena Investment Management LLC owned about 0.64% of Medtronic worth $656,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of MDT. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $26,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Stephens Consulting LLC raised its holdings 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 worth $27,000 after buying an additional 204 shares during the period. J. Stern & Co. LLP purchased a new stake in shares of Medtronic in the third quarter worth approximately $30,000. Finally, Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $36,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Down 1.6 %

Shares of NYSE:MDT traded down $1.49 on Wednesday, reaching $91.79. The company had a trading volume of 3,686,721 shares, compared to its average volume of 6,045,253. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The firm's 50 day simple moving average is $88.89 and its 200-day simple moving average is $87.88. The firm has a market capitalization of $117.72 billion, a PE ratio of 27.85, a PEG ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.05%. Medtronic's payout ratio is 85.11%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their price target on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of "Hold" and a consensus price target of $96.07.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction 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 completion of the sale, the executive vice president now owns 40,979 shares of the company's stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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.