KCM Investment Advisors LLC lessened its stake in Medtronic PLC (NYSE:MDT) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,303 shares of the medical technology company’s stock after selling 1,014 shares during the quarter. KCM Investment Advisors LLC’s holdings in Medtronic were worth $10,812,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Investec Asset Management LTD acquired a new position in Medtronic in the 4th quarter worth about $494,986,000. Amundi Pioneer Asset Management Inc. boosted its position in Medtronic by 23.2% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 8,968,638 shares of the medical technology company’s stock valued at $1,017,493,000 after acquiring an additional 1,690,287 shares in the last quarter. M&G Investment Management Ltd. bought a new stake in Medtronic during the 4th quarter valued at approximately $167,466,000. Point72 Asset Management L.P. boosted its position in Medtronic by 13,069.0% during the 4th quarter. Point72 Asset Management L.P. now owns 1,106,199 shares of the medical technology company’s stock valued at $125,498,000 after acquiring an additional 1,097,799 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Medtronic during the 4th quarter valued at approximately $109,103,000. Institutional investors and hedge funds own 82.55% of the company’s stock.
In other news, CEO Omar Ishrak acquired 8,771 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were bought at an average cost of $110.87 per share, with a total value of $972,440.77. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.28% of the company’s stock.
Shares of MDT traded up $5.27 during midday trading on Thursday, hitting $92.09. 5,632,677 shares of the company traded hands, compared to its average volume of 9,524,935. The firm has a 50 day moving average of $102.06 and a 200-day moving average of $109.17. Medtronic PLC has a 52 week low of $72.13 and a 52 week high of $122.15. The stock has a market cap of $107.68 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.01 and a beta of 0.67. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.28 and a current ratio of 2.75.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.38 by $0.06. Medtronic had a net margin of 17.11% and a return on equity of 14.76%. The business had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.80 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts predict that Medtronic PLC will post 5.64 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, March 27th will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, March 26th. Medtronic’s dividend payout ratio is presently 41.38%.
Several analysts have weighed in on MDT shares. Piper Sandler reaffirmed a “buy” rating and set a $135.00 price objective on shares of Medtronic in a research report on Tuesday, February 18th. Deutsche Bank assumed coverage on shares of Medtronic in a report on Friday, January 3rd. They issued a “buy” rating and a $99.00 target price for the company. Cfra upped their target price on shares of Medtronic from $126.00 to $127.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. DZ Bank raised shares of Medtronic from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Wednesday. Finally, BTIG Research dropped their target price on shares of Medtronic from $126.00 to $124.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-two have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $120.77.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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