Medtronic plc (NYSE:MDT) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its holdings in Medtronic plc (NYSE:MDT - Free Report) by 56.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575,341 shares of the medical technology company's stock after selling 737,300 shares during the quarter. Renaissance Technologies LLC's holdings in Medtronic were worth $45,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Mainstream Capital Management LLC purchased a new position in Medtronic in the fourth quarter worth about $26,000. Stephens Consulting LLC lifted its holdings in Medtronic by 145.7% during 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. Rakuten Securities Inc. raised 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 purchasing an additional 294 shares during the period. Fiduciary Advisors Inc. bought a new position in Medtronic in the 4th quarter worth $36,000. Finally, Kieckhefer Group LLC bought a new stake in Medtronic during the fourth quarter valued at about $40,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

NYSE MDT traded down $0.99 on Tuesday, hitting $83.23. 1,150,776 shares of the company's stock traded hands, compared to its average volume of 6,657,822. The firm has a market capitalization of $106.75 billion, a PE ratio of 25.31, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The firm's 50-day moving average price is $89.56 and its two-hundred day moving average price is $87.60. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

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, topping the consensus estimate 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 return on equity of 14.07% and a net margin of 12.83%. As a group, analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.36%. Medtronic's dividend payout ratio is currently 85.11%.

Analyst Upgrades and Downgrades

MDT has been the subject of several research analyst reports. UBS Group increased their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Robert W. Baird upped their price objective 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 shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $96.14.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction dated 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 owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is owned by corporate 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.