Metis Global Partners LLC Sells 7,849 Shares of Medtronic plc (NYSE:MDT)

Metis Global Partners LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 12.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,418 shares of the medical technology company’s stock after selling 7,849 shares during the quarter. Metis Global Partners LLC’s holdings in Medtronic were worth $4,401,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the 4th quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. increased its holdings in shares of Medtronic by 293.0% during 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 acquiring an additional 236,064 shares in the last quarter. Financial Gravity Asset Management Inc. boosted its stake 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 valued at $29,000 after purchasing an additional 279 shares during the last quarter. Princeton Global Asset Management LLC bought a new position in shares of Medtronic during the third quarter valued at about $31,000. Finally, Hartford Financial Management Inc. grew its stake in 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 during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. Mizuho boosted their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Truist Financial boosted their target price on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Oppenheimer increased their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $94.91.

Medtronic Stock Performance

MDT stock traded up $0.07 during midday trading on Monday, reaching $81.76. The stock had a trading volume of 3,615,646 shares, compared to its average volume of 6,198,560. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The firm has a fifty day simple moving average of $83.08 and a two-hundred day simple moving average of $81.56. The stock has a market cap of $108.56 billion, a PE ratio of 25.89, a P/E/G ratio of 2.66 and a beta of 0.78. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. During the same period in the previous year, the business earned $1.30 earnings per share. The business’s revenue 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 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. 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 3.38%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Activity at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of the company’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 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 company insiders.

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.