Price T Rowe Associates Inc. MD Cuts Holdings in Medtronic plc (NYSE:MDT)

Price T Rowe Associates Inc. MD lessened its stake in Medtronic plc (NYSE:MDT) by 3.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,915,087 shares of the medical technology company’s stock after selling 483,213 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.12% of Medtronic worth $1,299,851,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter worth approximately $1,229,726,000. First Eagle Investment Management LLC lifted its holdings in shares of Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after acquiring an additional 3,320,800 shares during the last quarter. M&G Plc bought a new stake in shares of Medtronic in the 1st quarter worth approximately $259,160,000. Capital Research Global Investors lifted its holdings in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Finally, Pzena Investment Management LLC lifted its holdings in shares of Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after acquiring an additional 1,769,985 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MDT shares. Citigroup lowered their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Truist Financial lowered their price target on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, July 16th. The Goldman Sachs Group started coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Wells Fargo & Company upped their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. 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, July 17th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $90.90.

Medtronic Stock Up 0.3 %

Shares of NYSE:MDT traded up $0.24 during midday trading on Friday, reaching $78.70. The company’s stock had a trading volume of 4,574,693 shares, compared to its average volume of 6,127,295. The firm has a 50 day moving average of $80.36 and a 200-day moving average of $82.87. The firm has a market capitalization of $100.91 billion, a P/E ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company’s revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.57 EPS. On average, research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.56%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio is 101.82%.

Medtronic Company 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.