Medtronic plc (NYSE:MDT) Shares Sold by Saratoga Research & Investment Management

Saratoga Research & Investment Management decreased its position in shares of Medtronic plc (NYSE:MDT) by 16.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,130,258 shares of the medical technology company’s stock after selling 225,787 shares during the quarter. Medtronic accounts for approximately 4.6% of Saratoga Research & Investment Management’s portfolio, making the stock its 8th largest holding. Saratoga Research & Investment Management’s holdings in Medtronic were worth $90,285,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MDT. O Shaughnessy Asset Management LLC boosted its position in Medtronic by 122.0% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 389,379 shares of the medical technology company’s stock worth $31,104,000 after purchasing an additional 213,970 shares in the last quarter. Bcwm LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $8,520,000. Physician Wealth Advisors Inc. purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $143,000. CIBC Private Wealth Group LLC lifted its position in shares of Medtronic by 8.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 487,185 shares of the medical technology company’s stock valued at $40,280,000 after buying an additional 38,348 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in Medtronic by 5.4% in the 4th quarter. California Public Employees Retirement System now owns 2,698,268 shares of the medical technology company’s stock worth $215,538,000 after acquiring an additional 139,141 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Medtronic stock opened at $87.62 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market cap of $112.38 billion, a P/E ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80. The company has a 50-day moving average price of $90.98 and a 200 day moving average price of $87.99. Medtronic plc has a 12-month low of $75.96 and a 12-month 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, topping analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is presently 85.11%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MDT. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Robert W. Baird increased their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. One equities research 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $96.07.

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.