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

Ballentine Partners LLC boosted its holdings in Medtronic plc (NYSE:MDT) by 24.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,287 shares of the medical technology company’s stock after acquiring an additional 3,215 shares during the period. Ballentine Partners LLC’s holdings in Medtronic were worth $1,301,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. State Street Corp grew its stake in Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after acquiring an additional 520,027 shares during the last quarter. Pzena Investment Management LLC lifted its holdings in Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Medtronic by 436.7% in 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 in the last quarter. Raymond James & Associates lifted its holdings in Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after purchasing an additional 145,504 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock valued at $530,612,000 after purchasing an additional 609,391 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDT has been the topic of a number of recent research reports. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Barclays increased their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic has an average rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Medtronic Stock Performance

MDT stock opened at $88.35 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market capitalization of $113.29 billion, a price-to-earnings ratio of 27.02, a PEG ratio of 2.49 and a beta of 0.83. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The stock’s fifty day moving average is $83.64 and its two-hundred day moving average is $85.29.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the previous year, the business earned $1.25 earnings per share. The company’s revenue was up 5.2% on a year-over-year basis. On average, research analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. 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.