Medtronic plc (NYSE:MDT) Shares Bought by Truist Financial Corp

Truist Financial Corp boosted its stake in Medtronic plc (NYSE:MDT) by 37.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,156,370 shares of the medical technology company’s stock after acquiring an additional 312,873 shares during the quarter. Truist Financial Corp owned about 0.09% of Medtronic worth $92,371,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc lifted its stake in shares of Medtronic by 1.6% in the fourth quarter. CIBC Asset Management Inc now owns 927,239 shares of the medical technology company’s stock worth $74,068,000 after acquiring an additional 14,502 shares in the last quarter. Evergreen Wealth Management LLC raised its position in shares of Medtronic by 2.5% in the 4th quarter. Evergreen Wealth Management LLC now owns 26,865 shares of the medical technology company’s stock valued at $2,146,000 after purchasing an additional 663 shares in the last quarter. Catalyst Capital Advisors LLC boosted its stake in shares of Medtronic by 1.4% during the 4th quarter. Catalyst Capital Advisors LLC now owns 29,325 shares of the medical technology company’s stock valued at $2,342,000 after buying an additional 405 shares during the last quarter. Americana Partners LLC grew its position in shares of Medtronic by 5.8% during the fourth quarter. Americana Partners LLC now owns 6,884 shares of the medical technology company’s stock worth $550,000 after buying an additional 379 shares in the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. increased its stake in shares of Medtronic by 10.4% in the fourth quarter. Financiere des Professionnels Fonds d investissement inc. now owns 139,042 shares of the medical technology company’s stock worth $11,107,000 after buying an additional 13,051 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MDT shares. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 12th. Barclays boosted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Robert W. Baird lowered their target price 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

Medtronic Trading Up 0.9 %

Shares of NYSE MDT opened at $93.02 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08. The company has a market cap of $119.28 billion, a price-to-earnings ratio of 28.45, a P/E/G ratio of 2.57 and a beta of 0.84. The business has a fifty day simple moving average of $85.51 and a 200-day simple moving average of $86.90.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 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 company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the company posted $1.25 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed 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. This represents a $2.80 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Medtronic Company 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.