Medtronic plc (NYSE:MDT) Holdings Trimmed by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. cut its position in shares of Medtronic plc (NYSE:MDTFree Report) by 70.6% in the third quarter, Holdings Channel reports. The firm owned 24,652 shares of the medical technology company’s stock after selling 59,303 shares during the period. Jupiter Asset Management Ltd.’s holdings in Medtronic were worth $1,932,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Moneta Group Investment Advisors LLC raised its stake in shares of Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock worth $1,100,544,000 after purchasing an additional 14,149,287 shares in the last quarter. Norges Bank acquired a new stake in Medtronic in the 4th quarter worth approximately $1,062,316,000. Bank of New York Mellon Corp lifted its holdings in Medtronic by 33.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock worth $1,564,508,000 after purchasing an additional 4,816,172 shares during the last quarter. Portside Wealth Group LLC acquired a new stake in Medtronic in the 2nd quarter worth approximately $222,063,000. Finally, Bank of Montreal Can acquired a new stake in Medtronic in the 2nd quarter worth approximately $196,503,000. 80.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Brett A. Wall sold 4,997 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $82.17, for a total transaction of $410,603.49. Following the sale, the executive vice president now directly owns 28,910 shares in the company, valued at $2,375,534.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MDT shares. Truist Financial boosted their target price on Medtronic from $84.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. Royal Bank of Canada boosted their target price on Medtronic from $82.00 to $92.00 and gave the stock a “sector perform” rating in a report on Friday, January 12th. Finally, Morgan Stanley reduced their target price on Medtronic from $104.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $93.92.

Get Our Latest Stock Report on Medtronic

Medtronic Stock Performance

Shares of NYSE MDT opened at $84.99 on Friday. The company has a quick ratio of 1.69, a current ratio of 2.29 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $84.21 and its two-hundred day moving average is $80.45. The company has a market cap of $113.01 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.97 and a beta of 0.78. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02.

Medtronic (NYSE:MDTGet Free Report) last released its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.07. The business had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Medtronic had a return on equity of 13.73% and a net margin of 12.83%. Medtronic’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.30 earnings per share. On average, equities analysts expect that Medtronic plc will post 5.16 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Wednesday, December 20th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Tuesday, December 19th. Medtronic’s dividend payout ratio is presently 89.90%.

Medtronic Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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