Medtronic plc (NYSE:MDT) Position Cut by Naples Global Advisors LLC

Naples Global Advisors LLC lowered its position in shares of Medtronic plc (NYSE:MDT) by 4.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 65,147 shares of the medical technology company’s stock after selling 3,222 shares during the period. Naples Global Advisors LLC’s holdings in Medtronic were worth $5,248,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares during the period. Van ECK Associates Corp raised its holdings in shares of Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after buying an additional 2,476,935 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after buying an additional 1,790,483 shares during the period. Janus Henderson Group PLC grew its holdings in Medtronic by 58.4% in the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock worth $346,705,000 after buying an additional 1,420,263 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after acquiring an additional 1,284,002 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE MDT opened at $91.35 on Thursday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The stock has a market capitalization of $117.14 billion, a price-to-earnings ratio of 27.94, a PEG ratio of 2.57 and a beta of 0.84. 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 stock’s fifty day simple moving average is $85.04 and its 200 day simple moving average is $86.65.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the company earned $1.25 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Robert W. Baird reduced their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company lowered their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

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.