Medtronic plc (NYSE:MDT) Stake Lessened by Intact Investment Management Inc.

Intact Investment Management Inc. lessened its stake in Medtronic plc (NYSE:MDT) by 31.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,200 shares of the medical technology company’s stock after selling 14,400 shares during the period. Intact Investment Management Inc.’s holdings in Medtronic were worth $2,492,000 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. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the fourth quarter worth $26,000. Darwin Wealth Management LLC bought a new stake in Medtronic during the third quarter valued at $27,000. Stephens Consulting LLC increased its stake in Medtronic by 145.7% during 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 Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares during the last quarter. Finally, J. Stern & Co. LLP bought a new stake in Medtronic during the third quarter valued at $30,000. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Medtronic Stock Performance

MDT stock opened at $93.18 on Friday. The company has a market capitalization of $119.51 billion, a P/E ratio of 28.32, a PEG ratio of 2.22 and a beta of 0.80. The company has a 50-day simple moving average of $89.61 and a 200 day simple moving average of $87.96. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. 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 quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate 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 predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have weighed in on MDT shares. Robert W. Baird boosted their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial lowered their target price 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. JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Royal Bank of Canada restated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic presently has an average rating of “Hold” and an average price target of $96.07.

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.