Corebridge Financial Inc. Sells 14,153 Shares of Medtronic plc (NYSE:MDT)

Corebridge Financial Inc. decreased its position in shares of Medtronic plc (NYSE:MDT) by 4.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 294,752 shares of the medical technology company’s stock after selling 14,153 shares during the quarter. Corebridge Financial Inc.’s holdings in Medtronic were worth $23,545,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. State Street Corp grew its holdings in Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after buying an additional 520,027 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Medtronic during the fourth quarter worth $852,732,000. First Eagle Investment Management LLC raised its position in Medtronic by 0.3% in the 4th quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock valued at $782,201,000 after buying an additional 28,910 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Medtronic by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,002,051 shares of the medical technology company’s stock valued at $639,204,000 after acquiring an additional 134,647 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the subject of several analyst reports. Barclays increased their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Robert W. Baird increased their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $96.07.

Medtronic Stock Down 0.2 %

MDT stock opened at $90.16 on Tuesday. The stock has a fifty day moving average of $90.84 and a 200-day moving average of $88.05. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market capitalization of $115.64 billion, a price-to-earnings ratio of 27.40, a PEG ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping 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 firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. As a group, equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business 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 $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Friday, March 28th. Medtronic’s payout ratio is currently 85.11%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company’s stock.

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.