Sawgrass Asset Management LLC Has $1.19 Million Stock Position in Medtronic plc (NYSE:MDT)

Sawgrass Asset Management LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 27.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,851 shares of the medical technology company’s stock after purchasing an additional 3,184 shares during the period. Sawgrass Asset Management LLC’s holdings in Medtronic were worth $1,186,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Copley Financial Group Inc. acquired a new stake in shares of Medtronic in the third quarter worth about $694,000. Olstein Capital Management L.P. lifted its position in shares of Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares during the last quarter. Franklin Street Advisors Inc. NC lifted its position in shares of Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after buying an additional 18,057 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its position in shares of Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares during the last quarter. Finally, Czech National Bank lifted its position in shares of Medtronic by 6.4% in the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after buying an additional 16,786 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Sanford C. Bernstein boosted their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Truist Financial cut their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Robert W. Baird cut their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. JPMorgan Chase & Co. cut their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Trading Up 0.2 %

MDT stock opened at $91.35 on Thursday. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The firm has a market cap of $117.14 billion, a P/E ratio of 27.94, a P/E/G ratio of 2.57 and a beta of 0.84. The business’s 50 day moving average is $85.04 and its 200-day moving average is $86.65. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the prior year, the company posted $1.25 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by company insiders.

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.