Envestnet Portfolio Solutions Inc. Raises Stock Position in Medtronic plc (NYSE:MDT)

Envestnet Portfolio Solutions Inc. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 190,937 shares of the medical technology company’s stock after buying an additional 3,255 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Medtronic were worth $15,252,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MDT. Natixis Advisors LLC raised its position in Medtronic by 5.9% during the fourth quarter. Natixis Advisors LLC now owns 1,423,128 shares of the medical technology company’s stock valued at $113,679,000 after purchasing an additional 78,918 shares during the period. Poinciana Advisors Group LLC purchased a new stake in Medtronic during the 4th quarter valued at $341,000. Valtinson Bruner Financial Planning LLC lifted its position in Medtronic by 4.0% in the fourth quarter. Valtinson Bruner Financial Planning LLC now owns 23,933 shares of the medical technology company’s stock worth $1,912,000 after buying an additional 920 shares during the last quarter. Buckley Wealth Management LLC lifted its position in Medtronic by 2.7% in the fourth quarter. Buckley Wealth Management LLC now owns 9,945 shares of the medical technology company’s stock worth $794,000 after buying an additional 262 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in Medtronic by 0.3% during the fourth quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock worth $782,201,000 after buying an additional 28,910 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird raised their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $96.07.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.

Medtronic Price Performance

NYSE MDT opened at $93.18 on Monday. The company has a market cap of $119.51 billion, a PE ratio of 28.32, a P/E/G ratio of 2.22 and a beta of 0.80. The firm’s 50 day moving average price is $89.61 and its 200-day moving average price is $87.95. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.00%. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Medtronic 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.