Medtronic plc (NYSE:MDT) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its holdings in Medtronic plc (NYSE:MDT) by 5.6% in the 4th quarter, HoldingsChannel reports. The fund owned 4,387,426 shares of the medical technology company’s stock after acquiring an additional 232,277 shares during the period. Envestnet Asset Management Inc.’s holdings in Medtronic were worth $350,468,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Morse Asset Management Inc acquired a new stake in Medtronic in the 3rd quarter worth about $225,000. Quadrature Capital Ltd purchased a new position in shares of Medtronic during the 3rd quarter worth about $252,000. Two Sigma Advisers LP boosted its position in shares of Medtronic by 131.2% in the third quarter. Two Sigma Advisers LP now owns 333,220 shares of the medical technology company’s stock worth $30,000,000 after acquiring an additional 189,088 shares during the last quarter. Kovitz Investment Group Partners LLC grew its holdings in Medtronic by 27.0% in the third quarter. Kovitz Investment Group Partners LLC now owns 106,289 shares of the medical technology company’s stock valued at $8,750,000 after purchasing an additional 22,621 shares during the period. Finally, EP Wealth Advisors LLC raised its stake in Medtronic by 31.2% during the third quarter. EP Wealth Advisors LLC now owns 16,080 shares of the medical technology company’s stock worth $1,448,000 after purchasing an additional 3,825 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the subject of several research reports. Robert W. Baird boosted their price objective 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 upped their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a “hold” rating 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 issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $96.07.

Medtronic Stock Performance

Medtronic stock opened at $82.86 on Friday. 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 firm’s fifty day moving average price is $90.87 and its 200 day moving average price is $87.93. The company has a market capitalization of $106.28 billion, a price-to-earnings ratio of 25.19, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

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

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on Friday, January 24th. The shares were 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 represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.