Magnus Financial Group LLC Trims Position in Medtronic plc (NYSE:MDT)

Magnus Financial Group LLC lessened its stake in shares of Medtronic plc (NYSE:MDT) by 10.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,918 shares of the medical technology company’s stock after selling 323 shares during the period. Magnus Financial Group LLC’s holdings in Medtronic were worth $240,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Pzena Investment Management LLC increased its holdings in shares of Medtronic by 112.8% in the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after acquiring an additional 3,037,394 shares during the period. Morgan Stanley grew its stake in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Medtronic by 30.1% in the third quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock worth $406,004,000 after purchasing an additional 1,199,639 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Medtronic by 78.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,356,359 shares of the medical technology company’s stock valued at $184,644,000 after buying an additional 1,035,747 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after buying an additional 1,026,274 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE:MDT opened at $80.86 on Tuesday. The firm has a market cap of $107.37 billion, a P/E ratio of 25.75, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76. The stock has a 50 day moving average of $83.46 and a two-hundred day moving average of $81.32. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the firm posted $1.30 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is currently 87.90%.

Insider Buying and Selling

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, Oppenheimer lifted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $94.91.

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.