CFO4Life Group LLC Decreases Stock Position in Medtronic plc (NYSE:MDT)

CFO4Life Group LLC lessened its position in Medtronic plc (NYSE:MDTGet Rating) by 7.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,083 shares of the medical technology company’s stock after selling 161 shares during the quarter. CFO4Life Group LLC’s holdings in Medtronic were worth $216,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Troy Asset Management Ltd purchased a new position in shares of Medtronic in the third quarter valued at approximately $567,426,000. Nordea Investment Management AB lifted its position in Medtronic by 25.8% during the fourth quarter. Nordea Investment Management AB now owns 9,829,594 shares of the medical technology company’s stock worth $1,026,996,000 after buying an additional 2,014,401 shares in the last quarter. Sustainable Growth Advisers LP lifted its position in Medtronic by 4,297.8% during the third quarter. Sustainable Growth Advisers LP now owns 1,975,074 shares of the medical technology company’s stock worth $247,575,000 after buying an additional 1,930,163 shares in the last quarter. American Century Companies Inc. lifted its position in Medtronic by 22.0% during the fourth quarter. American Century Companies Inc. now owns 9,932,949 shares of the medical technology company’s stock worth $1,027,564,000 after buying an additional 1,793,995 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in Medtronic by 4.9% during the fourth quarter. Lazard Asset Management LLC now owns 25,370,323 shares of the medical technology company’s stock worth $2,624,558,000 after buying an additional 1,196,593 shares in the last quarter. Institutional investors and hedge funds own 80.23% of the company’s stock.

A number of equities analysts recently commented on the company. Raymond James reduced their price objective on Medtronic from $127.00 to $116.00 and set an “outperform” rating on the stock in a research report on Friday, February 18th. Truist Financial downgraded Medtronic from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $124.00 to $121.00 in a research report on Wednesday, April 13th. Credit Suisse Group reduced their target price on Medtronic from $142.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 23rd. SVB Leerink restated a “market perform” rating on shares of Medtronic in a research report on Wednesday, April 13th. Finally, Bank of America initiated coverage on Medtronic in a research note on Tuesday, March 1st. They issued a “buy” rating for the company. Eleven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $128.19.

NYSE:MDT traded up $0.46 during midday trading on Thursday, hitting $101.11. 229,401 shares of the stock were exchanged, compared to its average volume of 6,380,778. Medtronic plc has a one year low of $98.38 and a one year high of $135.89. The company has a market capitalization of $135.64 billion, a price-to-earnings ratio of 27.53, a P/E/G ratio of 2.36 and a beta of 0.74. The business has a 50-day moving average price of $107.77 and a two-hundred day moving average price of $108.60. The company has a current ratio of 2.61, a quick ratio of 2.10 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDTGet Rating) last posted its quarterly earnings results on Tuesday, February 22nd. The medical technology company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.01. The firm had revenue of $7.76 billion for the quarter, compared to analyst estimates of $7.91 billion. Medtronic had a net margin of 15.46% and a return on equity of 14.57%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.29 earnings per share. Sell-side analysts forecast that Medtronic plc will post 5.66 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 22nd. Shareholders of record on Friday, March 25th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Thursday, March 24th. Medtronic’s payout ratio is 69.42%.

In other Medtronic news, CFO Karen L. Parkhill sold 682 shares of the business’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $110.00, for a total transaction of $75,020.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Carol A. Surface sold 6,000 shares of the business’s stock in a transaction on Friday, March 11th. The stock was sold at an average price of $105.30, for a total transaction of $631,800.00. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Medtronic Company Profile (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

Further Reading

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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