Advisors Asset Management Inc. Acquires 921 Shares of Medtronic plc (NYSE:MDT)

Advisors Asset Management Inc. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 0.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 166,978 shares of the medical technology company’s stock after buying an additional 921 shares during the period. Advisors Asset Management Inc.’s holdings in Medtronic were worth $13,338,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Mainstream Capital Management LLC bought a new position in Medtronic in the 4th quarter worth about $26,000. J. Stern & Co. LLP bought a new position in Medtronic in the 3rd quarter worth about $30,000. Rakuten Securities Inc. boosted its stake in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 294 shares in the last quarter. Finally, Stephens Consulting LLC boosted its stake in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Wells Fargo & Company dropped their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Barclays boosted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $96.07.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is currently owned by insiders.

Medtronic Price Performance

NYSE MDT opened at $93.30 on Tuesday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The firm has a market capitalization of $119.66 billion, a P/E ratio of 28.36, a PEG ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $89.88 and a 200-day moving average price of $87.99.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.00%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio is 85.11%.

Medtronic 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.