DDD Partners LLC Sells 1,208 Shares of Medtronic plc (NYSE:MDT)

DDD Partners LLC cut its holdings in Medtronic plc (NYSE:MDT) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 217,162 shares of the medical technology company’s stock after selling 1,208 shares during the period. Medtronic makes up 2.4% of DDD Partners LLC’s portfolio, making the stock its 19th largest position. DDD Partners LLC’s holdings in Medtronic were worth $17,890,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MDT. Moneta Group Investment Advisors LLC raised its stake in shares of Medtronic by 127,655.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after acquiring an additional 14,149,287 shares during the last quarter. Norges Bank bought a new position in Medtronic in the fourth quarter worth about $1,062,316,000. Bank of New York Mellon Corp raised its stake in Medtronic by 33.1% in the third 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 buying an additional 4,816,172 shares in the last quarter. Pzena Investment Management LLC raised its stake in Medtronic by 112.8% in the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after buying an additional 3,037,394 shares in the last quarter. Finally, Morgan Stanley raised its stake in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Medtronic Stock Up 3.8 %

MDT opened at $86.92 on Thursday. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The company has a market capitalization of $115.41 billion, a PE ratio of 27.68, a PEG ratio of 2.86 and a beta of 0.76. The firm’s 50 day simple moving average is $85.21 and its two-hundred day simple moving average is $80.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the firm earned $1.30 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be given a dividend of $0.69 per share. The ex-dividend date is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.18%. Medtronic’s payout ratio is 87.90%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Oppenheimer upped their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Mizuho increased their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $94.91.

About Medtronic

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.