Point72 Europe London LLP Buys 44,642 Shares of Medtronic plc (NYSE:MDT)

Point72 Europe London LLP boosted its stake in Medtronic plc (NYSE:MDT) by 16.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 309,484 shares of the medical technology company’s stock after acquiring an additional 44,642 shares during the period. Medtronic accounts for about 3.2% of Point72 Europe London LLP’s holdings, making the stock its 3rd biggest position. Point72 Europe London LLP’s holdings in Medtronic were worth $25,495,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. First Financial Bankshares Inc acquired a new position in Medtronic during the 4th quarter worth approximately $49,523,000. Nebula Research & Development LLC acquired a new position in Medtronic during the 4th quarter worth approximately $1,342,000. Jacobi Capital Management LLC increased its position in Medtronic by 7.7% during the 4th quarter. Jacobi Capital Management LLC now owns 18,171 shares of the medical technology company’s stock worth $1,497,000 after purchasing an additional 1,292 shares during the period. Ethic Inc. increased its position in Medtronic by 3.8% during the 4th quarter. Ethic Inc. now owns 126,362 shares of the medical technology company’s stock worth $10,410,000 after purchasing an additional 4,617 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its position in Medtronic by 26.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock worth $513,807,000 after purchasing an additional 1,318,590 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Oppenheimer upped their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Finally, The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $93.00.

Medtronic Price Performance

MDT stock traded down $1.19 on Tuesday, reaching $81.96. The company had a trading volume of 5,340,354 shares, compared to its average volume of 6,292,193. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The company’s fifty day moving average is $82.18 and its 200 day moving average is $83.45. The company has a market cap of $108.82 billion, a P/E ratio of 29.80, a PEG ratio of 2.45 and a beta of 0.83.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the prior year, the company earned $1.57 EPS. Medtronic’s revenue was up .5% on a year-over-year basis. On average, research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is currently 100.36%.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

About Medtronic

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.