LGT Group Foundation Has $9.17 Million Stock Holdings in Medtronic plc (NYSE:MDT)

LGT Group Foundation trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 51.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 110,873 shares of the medical technology company’s stock after selling 119,514 shares during the quarter. LGT Group Foundation’s holdings in Medtronic were worth $9,173,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in Medtronic in the fourth quarter valued at about $25,000. Financial Gravity Asset Management Inc. raised its position in shares of Medtronic by 317.0% during the third 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 period. Princeton Global Asset Management LLC bought a new stake in Medtronic during the third quarter worth $31,000. Hartford Financial Management Inc. grew its holdings in Medtronic by 52.1% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after buying an additional 164 shares in the last quarter. Finally, Rakuten Securities Inc. bought a new position in Medtronic in the 4th quarter valued at $49,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 1.2 %

Shares of Medtronic stock traded up $0.94 during trading hours on Friday, hitting $81.86. The company had a trading volume of 3,081,810 shares, compared to its average volume of 6,203,582. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a market cap of $108.70 billion, a P/E ratio of 25.88, a price-to-earnings-growth ratio of 2.64 and a beta of 0.78. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company’s 50-day moving average is $83.16 and its two-hundred day moving average is $81.37.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.30 earnings per share. Analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is currently 87.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Truist Financial lifted their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Mizuho lifted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Medtronic has an average rating of “Hold” and an average price target of $94.91.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic 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.