Medtronic plc (NYSE:MDT) Shares Bought by PGGM Investments

PGGM Investments increased its stake in Medtronic plc (NYSE:MDT) by 9.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,104,318 shares of the medical technology company’s stock after purchasing an additional 94,617 shares during the period. Medtronic accounts for about 1.4% of PGGM Investments’ portfolio, making the stock its 17th largest position. PGGM Investments owned about 0.08% of Medtronic worth $90,974,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of MDT. Pzena Investment Management LLC raised its position in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after buying an additional 3,037,394 shares during the last quarter. Morgan Stanley raised its position in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after buying an additional 1,994,123 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Medtronic by 30.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock worth $406,004,000 after buying an additional 1,199,639 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Medtronic by 78.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,356,359 shares of the medical technology company’s stock worth $184,644,000 after buying an additional 1,035,747 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Medtronic by 8,340.3% during the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after buying an additional 1,026,274 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Medtronic stock traded up $0.49 during trading on Friday, reaching $79.74. The company had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. The firm’s 50-day simple moving average is $83.53 and its 200 day simple moving average is $81.16. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The firm has a market capitalization of $105.88 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $7.95 billion. During the same quarter last year, the company earned $1.30 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.46%. Medtronic’s dividend payout ratio is currently 87.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Oppenheimer raised their price target on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Mizuho lifted their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Finally, Truist Financial lifted their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $94.91.

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sean Salmon sold 30,695 shares of Medtronic 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 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 currently owned by corporate insiders.

About Medtronic

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.