Medtronic plc (NYSE:MDT) Holdings Cut by Strategy Asset Managers LLC

Strategy Asset Managers LLC cut its stake in Medtronic plc (NYSE:MDT) by 89.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,830 shares of the medical technology company’s stock after selling 33,103 shares during the quarter. Strategy Asset Managers LLC’s holdings in Medtronic were worth $306,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of MDT. Copley Financial Group Inc. purchased a new stake in shares of Medtronic during the 3rd quarter worth about $694,000. Franklin Street Advisors Inc. NC increased its stake in shares of Medtronic by 32.6% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after purchasing an additional 18,057 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares during the last quarter. Olstein Capital Management L.P. raised its holdings in Medtronic by 8.0% during the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after buying an additional 7,000 shares in the last quarter. Finally, Czech National Bank boosted its stake in shares of Medtronic by 6.4% during the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after acquiring an additional 16,786 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Robert W. Baird raised their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note 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 for the company in a research note on Wednesday, December 18th. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.07.

Medtronic Stock Performance

Shares of NYSE MDT opened at $87.62 on Friday. The firm has a market capitalization of $112.38 billion, a price-to-earnings ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The business has a fifty day simple moving average of $90.98 and a 200 day simple moving average of $88.01. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.20%. Medtronic’s dividend payout ratio is 85.11%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred 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 directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% of the company’s stock.

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.