Medtronic plc (NYSE:MDT) Shares Sold by American International Group Inc.

American International Group Inc. trimmed its position in shares of Medtronic plc (NYSE:MDT) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 337,959 shares of the medical technology company’s stock after selling 3,044 shares during the period. American International Group Inc.’s holdings in Medtronic were worth $27,841,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. boosted its holdings in 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 valued at $26,000 after purchasing an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC acquired a new stake in Medtronic during the 4th quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. increased its holdings in Medtronic by 317.0% during the 3rd 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 during the last quarter. Finally, Hartford Financial Management Inc. raised its position in shares of 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.

Medtronic Stock Performance

NYSE:MDT traded down $0.62 during mid-day trading on Friday, hitting $81.04. The stock had a trading volume of 3,688,958 shares, compared to its average volume of 6,862,874. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a 50 day simple moving average of $82.01 and a 200-day simple moving average of $83.48. The stock has a market capitalization of $107.61 billion, a price-to-earnings ratio of 29.47, a P/E/G ratio of 2.36 and a beta of 0.83. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the previous year, the firm posted $1.57 earnings per share. The business’s revenue was up .5% on a year-over-year basis. On average, research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date is Friday, June 28th. Medtronic’s payout ratio is currently 100.36%.

Insider Activity at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value 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 SEC, which is available at this hyperlink. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the firm’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 sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research analyst reports. Truist Financial dropped their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. UBS Group upped their target price on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective on the stock. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $93.00.

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.