Signaturefd LLC Sells 2,835 Shares of Medtronic plc (NYSE:MDT)

Signaturefd LLC cut its holdings in Medtronic plc (NYSE:MDT) by 18.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,765 shares of the medical technology company’s stock after selling 2,835 shares during the quarter. Signaturefd LLC’s holdings in Medtronic were worth $1,052,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Nicholas Hoffman & Company LLC. grew its stake in shares of Medtronic by 16.4% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,114 shares of the medical technology company’s stock valued at $1,327,000 after purchasing an additional 2,275 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in Medtronic by 17.3% during the 4th quarter. Lindbrook Capital LLC now owns 8,256 shares of the medical technology company’s stock worth $680,000 after buying an additional 1,216 shares in the last quarter. abrdn plc boosted its position in Medtronic by 45.2% in the 4th quarter. abrdn plc now owns 1,667,959 shares of the medical technology company’s stock valued at $137,406,000 after buying an additional 519,270 shares during the last quarter. Hunter Associates Investment Management LLC raised its position in shares of Medtronic by 2.5% during the fourth quarter. Hunter Associates Investment Management LLC now owns 7,814 shares of the medical technology company’s stock worth $646,000 after acquiring an additional 191 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its stake in shares of Medtronic by 15.2% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 290,901 shares of the medical technology company’s stock valued at $23,964,000 after acquiring an additional 38,371 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Up 1.4 %

Shares of MDT stock opened at $80.56 on Tuesday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. 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 fifty day moving average of $83.84 and a 200-day moving average of $81.11. The company has a market capitalization of $106.97 billion, a price-to-earnings ratio of 25.66, a P/E/G ratio of 2.72 and a beta of 0.76.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. Medtronic’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.30 earnings per share. As a group, equities research analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.43%. Medtronic’s payout ratio is 87.90%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the firm’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 completion of the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by 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.