M&G Investment Management Ltd. Acquires 389,934 Shares of Medtronic plc (NYSE:MDT)

M&G Investment Management Ltd. grew its stake in shares of Medtronic plc (NYSE:MDT) by 13.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,267,537 shares of the medical technology company’s stock after acquiring an additional 389,934 shares during the period. Medtronic makes up approximately 1.6% of M&G Investment Management Ltd.’s portfolio, making the stock its 8th largest position. M&G Investment Management Ltd.’s holdings in Medtronic were worth $267,938,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fortitude Family Office LLC purchased a new position in Medtronic during the fourth quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Medtronic during the 4th quarter worth about $27,000. Financial Gravity Asset Management Inc. grew its holdings in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares in the last quarter. Finally, Hartford Financial Management Inc. grew its stake in Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 164 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MDT shares. Oppenheimer lifted their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial raised their target price on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Mizuho boosted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $94.91.

Medtronic Stock Up 0.1 %

NYSE MDT traded up $0.09 on Wednesday, reaching $84.39. The company had a trading volume of 4,074,267 shares, compared to its average volume of 6,073,816. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The firm has a market capitalization of $112.05 billion, a PE ratio of 26.67, a P/E/G ratio of 2.72 and a beta of 0.78. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The firm has a 50-day moving average of $82.91 and a 200-day moving average of $82.11.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same quarter in the previous year, the firm earned $1.30 earnings per share. The business’s revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

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.