KLP Kapitalforvaltning AS Invests $39.19 Million in Medtronic plc (NYSE:MDT)

KLP Kapitalforvaltning AS acquired a new position in shares of Medtronic plc (NYSE:MDT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 486,387 shares of the medical technology company’s stock, valued at approximately $39,185,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Segall Bryant & Hamill LLC bought a new stake in Medtronic during the third quarter worth about $2,641,000. Darwin Wealth Management LLC bought a new stake in Medtronic during the third quarter worth about $27,000. Citizens Financial Group Inc. RI raised its holdings in Medtronic by 31.5% during the third quarter. Citizens Financial Group Inc. RI now owns 15,873 shares of the medical technology company’s stock worth $1,439,000 after acquiring an additional 3,805 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Medtronic by 2.8% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 813,041 shares of the medical technology company’s stock worth $73,198,000 after acquiring an additional 22,232 shares in the last quarter. Finally, Cypress Capital Group raised its holdings in Medtronic by 28.9% during the third quarter. Cypress Capital Group now owns 12,473 shares of the medical technology company’s stock worth $1,123,000 after acquiring an additional 2,798 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Medtronic stock opened at $90.37 on Friday. The firm has a market cap of $115.90 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. 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 stock’s fifty day moving average price is $90.67 and its two-hundred day moving average price is $88.08. Medtronic plc has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share 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 analysts’ expectations of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. Medtronic’s payout ratio is 85.11%.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird upped their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial dropped their price objective on 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 restated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Needham & Company LLC restated 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 given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $96.07.

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.