RNC Capital Management LLC Reduces Position in Medtronic plc (NYSE:MDT)

RNC Capital Management LLC decreased its stake in shares of Medtronic plc (NYSE:MDT) by 6.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 412,713 shares of the medical technology company’s stock after selling 30,246 shares during the quarter. Medtronic makes up 2.0% of RNC Capital Management LLC’s portfolio, making the stock its 24th largest position. RNC Capital Management LLC’s holdings in Medtronic were worth $33,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Moneta Group Investment Advisors LLC lifted its holdings in Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after buying an additional 14,149,287 shares in the last quarter. Norges Bank bought a new stake in Medtronic during the 4th quarter valued at about $1,062,316,000. Bank of New York Mellon Corp lifted its holdings in Medtronic by 33.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after buying an additional 4,816,172 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after buying an additional 3,037,394 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on MDT. Truist Financial boosted their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Finally, Oppenheimer boosted their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $94.91.

Medtronic Trading Up 3.8 %

NYSE MDT opened at $86.92 on Thursday. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The firm has a market cap of $115.41 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 2.86 and a beta of 0.76. The company has a 50 day moving average price of $85.21 and a 200 day moving average price of $80.68. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. Medtronic’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.30 EPS. As a group, sell-side analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio is presently 87.90%.

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by insiders.

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.