Somerville Kurt F Reduces Holdings in Medtronic plc (NYSE:MDT)

Somerville Kurt F decreased its position in Medtronic plc (NYSE:MDT - Free Report) by 28.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,550 shares of the medical technology company's stock after selling 22,668 shares during the quarter. Somerville Kurt F's holdings in Medtronic were worth $4,597,000 as of its most recent SEC filing.

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

Medtronic Stock Down 0.2 %

MDT traded down $0.16 on Tuesday, reaching $82.99. The company's stock had a trading volume of 3,209,502 shares, compared to its average volume of 7,758,577. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The stock has a 50 day moving average of $90.68 and a two-hundred day moving average of $87.89. The company has a market capitalization of $106.44 billion, a price-to-earnings ratio of 25.23, a P/E/G ratio of 2.22 and a beta of 0.79.

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Medtronic (NYSE:MDT - Get Free Report) last announced its 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. The firm had revenue of $8.29 billion during 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%. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid 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 is currently 85.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note 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 research report on Wednesday, December 18th. One equities 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $96.07.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company's stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by 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.