Morningstar Investment Management LLC Acquires 528 Shares of Medtronic plc (NYSE:MDT)

Morningstar Investment Management LLC boosted its holdings in Medtronic plc (NYSE:MDT) by 2.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 18,596 shares of the medical technology company’s stock after purchasing an additional 528 shares during the quarter. Morningstar Investment Management LLC’s holdings in Medtronic were worth $1,485,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MDT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 acquiring an additional 5,975,110 shares in the last quarter. Van ECK Associates Corp grew its position in 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 in the last quarter. Bank of Montreal Can increased its stake in Medtronic by 65.0% in the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after buying an additional 1,790,483 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Medtronic by 58.4% during 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 boosted its stake in shares of 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 worth $116,896,000 after buying an additional 1,284,002 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Medtronic Trading Up 1.1 %

Medtronic stock opened at $87.05 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. The stock has a market cap of $111.62 billion, a P/E ratio of 26.46, a PEG ratio of 2.44 and a beta of 0.84. The firm’s fifty day moving average price is $85.82 and its 200-day moving average price is $87.02.

Medtronic (NYSE:MDT) last issued its earnings results 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. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.11% and a net margin of 12.83%. Equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.22%. Medtronic’s payout ratio is 85.11%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.20.

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.