Medtronic plc (NYSE:MDT) Shares Sold by Rhenman & Partners Asset Management AB

Rhenman & Partners Asset Management AB trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 26.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 269,500 shares of the medical technology company’s stock after selling 98,500 shares during the period. Medtronic comprises about 2.2% of Rhenman & Partners Asset Management AB’s holdings, making the stock its 14th biggest position. Rhenman & Partners Asset Management AB’s holdings in Medtronic were worth $21,528,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Mainstream Capital Management LLC purchased a new position in Medtronic during the 4th quarter valued at about $26,000. Stephens Consulting LLC grew its position in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Rakuten Securities Inc. increased its stake in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 294 shares in the last quarter. Fiduciary Advisors Inc. acquired a new position in shares of Medtronic during the 4th quarter worth approximately $36,000. Finally, Kieckhefer Group LLC purchased a new stake in Medtronic in the 4th quarter valued at approximately $40,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MDT shares. Robert W. Baird boosted their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Finally, UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $96.07.

Medtronic Trading Down 5.7 %

Shares of MDT stock opened at $82.86 on Friday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm’s 50 day moving average price is $90.87 and its two-hundred day moving average price is $87.94. The stock has a market cap of $106.28 billion, a price-to-earnings ratio of 25.19, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.38%. Medtronic’s payout ratio is currently 85.11%.

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.