Troy Asset Management Ltd Sells 136,104 Shares of Medtronic plc (NYSE:MDT)

Troy Asset Management Ltd trimmed its holdings in Medtronic plc (NYSE:MDT - Free Report) by 14.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 825,095 shares of the medical technology company's stock after selling 136,104 shares during the quarter. Medtronic comprises 2.2% of Troy Asset Management Ltd's portfolio, making the stock its 13th largest holding. Troy Asset Management Ltd owned about 0.06% of Medtronic worth $65,909,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Medtronic during the fourth quarter worth about $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic during the 4th quarter valued at about $852,732,000. Van ECK Associates Corp grew its stake in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. Boston Partners raised its holdings in shares of Medtronic by 117.4% in the 4th quarter. Boston Partners now owns 3,102,605 shares of the medical technology company's stock worth $248,311,000 after purchasing an additional 1,675,588 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Medtronic by 58.4% during the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company's stock valued at $346,705,000 after purchasing an additional 1,420,263 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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Medtronic Stock Down 0.8 %

MDT stock traded down $0.73 during midday trading on Tuesday, reaching $89.13. The company had a trading volume of 1,930,175 shares, compared to its average volume of 7,647,384. The company has a 50 day moving average of $91.02 and a two-hundred day moving average of $87.99. The company has a market capitalization of $114.31 billion, a P/E ratio of 27.11, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. 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 announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $8.33 billion. On average, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.14%. Medtronic's payout ratio is 85.11%.

Insider Buying and Selling

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 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 directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. UBS Group upped their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird increased their price target on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Truist Financial cut their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. One equities research 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $96.07.

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.