Stonegate Investment Group LLC Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Stonegate Investment Group LLC boosted its stake in Medtronic plc (NYSE:MDTFree Report) by 4.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,870 shares of the medical technology company’s stock after purchasing an additional 1,225 shares during the period. Stonegate Investment Group LLC’s holdings in Medtronic were worth $2,296,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MDT. Moneta Group Investment Advisors LLC raised its holdings in Medtronic by 127,655.1% in 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 during the period. Norges Bank purchased a new stake in Medtronic in the fourth quarter worth about $1,062,316,000. Bank of New York Mellon Corp raised its stake in shares of 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 during the period. Pzena Investment Management LLC lifted its position in shares of Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after buying an additional 3,037,394 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Oppenheimer lifted their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Mizuho upped their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Check Out Our Latest Stock Report on Medtronic

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by insiders.

Medtronic Price Performance

MDT stock opened at $85.20 on Wednesday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The firm has a market capitalization of $113.13 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. The company has a fifty day simple moving average of $85.24 and a two-hundred day simple moving average of $80.87. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings data 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 return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same period in the previous year, the firm posted $1.30 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be given a $0.69 dividend. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.24%. Medtronic’s dividend payout ratio is presently 87.90%.

About Medtronic

(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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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