Ethic Inc. Has $8.24 Million Stake in Medtronic plc (NYSE:MDT)

Ethic Inc. reduced its stake in shares of Medtronic plc (NYSE:MDT) by 26.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,173 shares of the medical technology company’s stock after selling 37,014 shares during the period. Ethic Inc.’s holdings in Medtronic were worth $8,241,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MDT. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter worth approximately $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic during the fourth quarter worth $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in Medtronic in the 4th quarter valued at $377,169,000. Van ECK Associates Corp grew its position in Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 0.2 %

Shares of MDT opened at $83.47 on Friday. The company has a market capitalization of $107.05 billion, a P/E ratio of 25.37, a PEG ratio of 2.22 and a beta of 0.81. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The business’s 50 day simple moving average is $86.76 and its 200-day simple moving average is $86.83. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. As a group, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is presently 85.11%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MDT shares. UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.14.

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.