Convergence Investment Partners LLC Sells 9,043 Shares of Medtronic plc (NYSE:MDT)

Convergence Investment Partners LLC lessened its stake in Medtronic plc (NYSE:MDT) by 29.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,856 shares of the medical technology company’s stock after selling 9,043 shares during the quarter. Convergence Investment Partners LLC’s holdings in Medtronic were worth $1,746,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $27,000. Stephens Consulting LLC raised its holdings in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the period. Finally, J. Stern & Co. LLP bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $30,000. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MDT shares. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Sanford C. Bernstein boosted their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Down 7.3 %

MDT opened at $86.05 on Wednesday. The company has a fifty day moving average price of $85.74 and a 200-day moving average price of $87.02. The firm has a market capitalization of $110.34 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 2.63 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a one year low of $75.96 and a one year high of $93.08.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Equities research analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.25%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.