S.A. Mason LLC Decreases Stake in Medtronic plc (NYSE:MDT)

S.A. Mason LLC cut its holdings in Medtronic plc (NYSE:MDT) by 33.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 723 shares of the medical technology company’s stock after selling 357 shares during the period. S.A. Mason LLC’s holdings in Medtronic were worth $60,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Moneta Group Investment Advisors LLC lifted its position in shares of 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 during the last quarter. Norges Bank purchased a new stake in shares of Medtronic in the fourth quarter worth $1,062,316,000. Bank of New York Mellon Corp grew its position in Medtronic by 33.1% during the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock worth $1,564,508,000 after buying an additional 4,816,172 shares in the last quarter. Pzena Investment Management LLC increased its stake in Medtronic by 112.8% in the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after acquiring an additional 3,037,394 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Medtronic by 9.2% in 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 acquiring an additional 1,994,123 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MDT shares. Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer raised their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Finally, Truist Financial increased their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Medtronic has an average rating of “Moderate Buy” and a consensus target price of $94.91.

Medtronic Price Performance

Shares of NYSE MDT opened at $86.92 on Thursday. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The company has a market capitalization of $115.41 billion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 2.86 and a beta of 0.76. The company has a 50 day simple moving average of $85.21 and a two-hundred day simple moving average of $80.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter in the prior year, the company posted $1.30 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

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

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently 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.