Mesirow Financial Investment Management Inc. Decreases Stock Holdings in Medtronic plc (NYSE:MDT)

Mesirow Financial Investment Management Inc. cut its stake in shares of Medtronic plc (NYSE:MDT) by 1.8% in the fourth quarter, HoldingsChannel reports. The fund owned 133,227 shares of the medical technology company’s stock after selling 2,410 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Medtronic were worth $10,642,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Andra AP fonden boosted its position in shares of Medtronic by 153.3% during the 4th quarter. Andra AP fonden now owns 46,929 shares of the medical technology company’s stock valued at $3,749,000 after acquiring an additional 28,400 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in Medtronic by 68.5% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 22,576 shares of the medical technology company’s stock valued at $1,819,000 after buying an additional 9,181 shares during the period. Callan Family Office LLC raised its holdings in Medtronic by 348.0% during the 4th quarter. Callan Family Office LLC now owns 16,678 shares of the medical technology company’s stock valued at $1,332,000 after buying an additional 12,955 shares during the period. Hartford Funds Management Co LLC raised its holdings in Medtronic by 2.5% during the 4th quarter. Hartford Funds Management Co LLC now owns 8,283 shares of the medical technology company’s stock valued at $662,000 after buying an additional 201 shares during the period. Finally, E Fund Management Co. Ltd. raised its holdings in Medtronic by 81.5% during the 4th quarter. E Fund Management Co. Ltd. now owns 7,132 shares of the medical technology company’s stock valued at $570,000 after buying an additional 3,202 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Down 0.9 %

Shares of MDT stock opened at $93.22 on Friday. The stock has a 50 day moving average of $88.06 and a 200 day moving average of $87.72. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market cap of $119.56 billion, a P/E ratio of 28.33, a P/E/G ratio of 2.22 and a beta of 0.84. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $95.57.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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 company 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, sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MDT. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $107.00 in a research note on Tuesday. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target 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.