Medtronic plc (NYSE:MDT) Shares Purchased by Dearborn Partners LLC

Dearborn Partners LLC boosted its holdings in Medtronic plc (NYSE:MDT) by 7.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 72,027 shares of the medical technology company’s stock after buying an additional 5,252 shares during the quarter. Dearborn Partners LLC’s holdings in Medtronic were worth $5,754,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MDT. CWA Asset Management Group LLC acquired a new position in Medtronic in the third quarter worth approximately $418,000. Verdence Capital Advisors LLC grew its position in Medtronic by 10.1% in the third quarter. Verdence Capital Advisors LLC now owns 9,631 shares of the medical technology company’s stock worth $867,000 after buying an additional 885 shares during the last quarter. XML Financial LLC grew its position in Medtronic by 12.1% in the third quarter. XML Financial LLC now owns 12,536 shares of the medical technology company’s stock worth $1,129,000 after buying an additional 1,351 shares during the last quarter. Sigma Planning Corp grew its position in Medtronic by 0.4% in the third quarter. Sigma Planning Corp now owns 28,843 shares of the medical technology company’s stock worth $2,597,000 after buying an additional 124 shares during the last quarter. Finally, Baker Avenue Asset Management LP grew its position in Medtronic by 12.4% in the third quarter. Baker Avenue Asset Management LP now owns 4,084 shares of the medical technology company’s stock worth $368,000 after buying an additional 450 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 0.8 %

MDT opened at $93.75 on Tuesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The business has a 50-day moving average of $88.62 and a 200-day moving average of $87.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market capitalization of $120.24 billion, a PE ratio of 28.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is 85.11%.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial dropped 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. Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $96.07.

Insider Activity

In other 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 transaction of $1,119,330.00. Following the transaction, the executive vice president now 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 SEC, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

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.