Mediolanum International Funds Ltd Sells 50,396 Shares of Medtronic plc (NYSE:MDT)

Mediolanum International Funds Ltd lessened its stake in Medtronic plc (NYSE:MDT) by 17.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 242,119 shares of the medical technology company’s stock after selling 50,396 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Medtronic were worth $19,228,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic in the 3rd quarter valued at $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic in the 3rd quarter valued at $30,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Medtronic during the 4th quarter worth $40,000. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MDT. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lowered their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Robert W. Baird dropped their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $92.01 on Friday. The business has a 50-day moving average of $84.14 and a 200-day moving average of $85.87. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a market capitalization of $117.98 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 2.59 and a beta of 0.83. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the business earned $1.25 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

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.