Handelsbanken Fonder AB Sells 463,568 Shares of Medtronic plc (NYSE:MDT)

Handelsbanken Fonder AB lessened its stake in shares of Medtronic plc (NYSE:MDTFree Report) by 47.8% in the 4th quarter, Holdings Channel reports. The firm owned 506,062 shares of the medical technology company’s stock after selling 463,568 shares during the period. Handelsbanken Fonder AB’s holdings in Medtronic were worth $41,689,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 4th quarter valued at about $25,000. Hartford Financial Management Inc. lifted its holdings in shares of Medtronic by 425.0% in the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the last quarter. Financial Gravity Asset Management Inc. lifted its holdings in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the last quarter. Fairfield Bush & CO. bought a new position in shares of Medtronic in the 2nd quarter valued at about $32,000. Finally, Certified Advisory Corp bought a new position in shares of Medtronic in the 1st quarter valued at about $31,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Oppenheimer increased 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. Truist Financial increased 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Finally, Mizuho increased 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. 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, Medtronic presently has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Check Out Our Latest Stock Report on MDT

Medtronic Stock Performance

Shares of NYSE:MDT opened at $79.48 on Monday. The firm has a market cap of $105.54 billion, a PE ratio of 25.31, a price-to-earnings-growth ratio of 2.72 and a beta of 0.76. The firm’s 50 day simple moving average is $83.93 and its 200-day simple moving average is $81.08. Medtronic plc has a one year low of $68.84 and a one year 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.

Medtronic (NYSE:MDTGet Free Report) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The business had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the company posted $1.30 earnings per share. As a group, equities analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.47%. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Insider Buying and Selling at Medtronic

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 value 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 legal filing with the SEC, which is available through this hyperlink. 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 value 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 legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now 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

(Free Report)

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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