Zacks Investment Management Has $42.77 Million Stake in Medtronic plc (NYSE:MDT)

Zacks Investment Management cut its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 13.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 535,447 shares of the medical technology company's stock after selling 81,543 shares during the period. Zacks Investment Management's holdings in Medtronic were worth $42,772,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Marshall Wace LLP boosted its stake in Medtronic by 280.7% in the fourth quarter. Marshall Wace LLP now owns 408,323 shares of the medical technology company's stock valued at $32,617,000 after acquiring an additional 301,074 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Medtronic by 16.9% in the fourth quarter. NewEdge Advisors LLC now owns 198,656 shares of the medical technology company's stock valued at $15,869,000 after buying an additional 28,672 shares during the period. Finward Bancorp acquired a new position in Medtronic in the fourth quarter valued at about $451,000. Regal Investment Advisors LLC boosted its holdings in Medtronic by 1.3% during the fourth quarter. Regal Investment Advisors LLC now owns 115,048 shares of the medical technology company's stock worth $9,190,000 after buying an additional 1,491 shares during the last quarter. Finally, United Capital Financial Advisors LLC grew its position in shares of Medtronic by 19.9% during the 4th quarter. United Capital Financial Advisors LLC now owns 464,436 shares of the medical technology company's stock worth $37,099,000 after buying an additional 77,010 shares during the period. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MDT shares. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. UBS Group raised their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of "Hold" and an average target price of $96.14.

Medtronic Stock Performance

Shares of MDT traded down $0.12 during mid-day trading on Friday, hitting $82.58. 5,937,486 shares of the company's stock were exchanged, compared to its average volume of 6,674,143. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $105.91 billion, a price-to-earnings ratio of 25.10, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The stock's 50-day simple moving average is $88.91 and its 200-day simple moving average is $87.42. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

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 for the quarter, beating the consensus estimate 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%. On average, equities research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's payout ratio is presently 85.11%.

Insider Buying and Selling 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 stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares of the company's stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company 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.