Medtronic plc (NYSE:MDT) Shares Acquired by Channing Capital Management LLC

Channing Capital Management LLC boosted its stake in Medtronic plc (NYSE:MDT) by 7.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 80,251 shares of the medical technology company’s stock after purchasing an additional 5,532 shares during the quarter. Channing Capital Management LLC’s holdings in Medtronic were worth $6,611,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new stake in Medtronic in the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. boosted its stake in shares of Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. increased its position 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 purchasing an additional 279 shares in the last quarter. Princeton Global Asset Management LLC acquired a new position in Medtronic in the 3rd quarter valued at $31,000. Finally, Hartford Financial Management Inc. lifted its holdings in Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MDT. Mizuho upped their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” 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 research note on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Truist Financial increased their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $94.91.

Insider Activity

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sean Salmon sold 30,695 shares of the 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 completion of the transaction, 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. Insiders own 0.30% of the company’s stock.

Medtronic Trading Up 0.0 %

Shares of MDT traded up $0.04 during trading on Monday, reaching $81.73. 2,783,926 shares of the company traded hands, compared to its average volume of 6,185,856. The stock has a 50-day simple moving average of $83.08 and a 200-day simple moving average of $81.56. The stock has a market cap of $108.52 billion, a PE ratio of 25.89, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. 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 posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.30 EPS. On average, analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.38%. Medtronic’s dividend payout ratio is presently 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.