Swedbank AB Grows Stake in Medtronic plc (NYSE:MDT)

Swedbank AB grew its stake in Medtronic plc (NYSE:MDT - Free Report) by 4.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 580,421 shares of the medical technology company's stock after purchasing an additional 24,642 shares during the quarter. Swedbank AB's holdings in Medtronic were worth $46,364,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new position in Medtronic during the third quarter worth $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the 3rd quarter valued at $30,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Medtronic in the 4th quarter worth $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Sanford C. Bernstein boosted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. Royal Bank of Canada raised Medtronic from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Robert W. Baird cut their price objective on Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Medtronic has an average rating of "Hold" and a consensus target price of $95.00.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction dated Friday, January 24th. The shares were 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 in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company's stock.

Medtronic Stock Performance

NYSE:MDT traded up $1.18 during trading hours on Thursday, reaching $92.59. 1,994,551 shares of the company's stock were exchanged, compared to its average volume of 7,612,022. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $118.73 billion, a price-to-earnings ratio of 28.26, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a 50-day moving average of $84.14 and a 200 day moving average of $85.87.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the company earned $1.25 earnings per share. Research analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.02%. Medtronic's dividend payout ratio is currently 85.63%.

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.