First Trust Direct Indexing L.P. Sells 1,893 Shares of Medtronic plc (NYSE:MDT)

First Trust Direct Indexing L.P. reduced its position in Medtronic plc (NYSE:MDT) by 7.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 25,277 shares of the medical technology company’s stock after selling 1,893 shares during the period. First Trust Direct Indexing L.P.’s holdings in Medtronic were worth $2,082,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Medtronic by 78.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 271,417 shares of the medical technology company’s stock worth $21,268,000 after purchasing an additional 119,258 shares during the period. Dakota Wealth Management grew its position in Medtronic by 12.1% in the 3rd quarter. Dakota Wealth Management now owns 15,344 shares of the medical technology company’s stock worth $1,202,000 after purchasing an additional 1,661 shares in the last quarter. Simon Quick Advisors LLC grew its position in shares of Medtronic by 17.2% during the 3rd quarter. Simon Quick Advisors LLC now owns 3,326 shares of the medical technology company’s stock valued at $261,000 after acquiring an additional 489 shares during the period. Foster & Motley Inc. grew its position in shares of Medtronic by 4.1% during the 3rd quarter. Foster & Motley Inc. now owns 8,710 shares of the medical technology company’s stock valued at $683,000 after acquiring an additional 343 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its stake in shares of Medtronic by 5.5% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 63,647 shares of the medical technology company’s stock valued at $4,987,000 after buying an additional 3,316 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the business’s 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 owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. 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 recent research reports. Truist Financial raised 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. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Mizuho raised their price target 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, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $94.91.

Medtronic Stock Up 0.3 %

Medtronic stock traded up $0.27 during mid-day trading on Thursday, hitting $81.16. The company had a trading volume of 1,051,327 shares, compared to its average volume of 6,178,815. The stock has a market cap of $107.77 billion, a price-to-earnings ratio of 25.76, a PEG ratio of 2.75 and a beta of 0.78. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. The business has a fifty day moving average of $83.25 and a 200 day moving average of $81.37. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last issued 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 return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the company earned $1.30 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, sell-side analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Medtronic 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.