Johnson Financial Group Inc. Lowers Holdings in Medtronic plc (NYSE:MDT)

Johnson Financial Group Inc. lessened its stake in Medtronic plc (NYSE:MDT) by 38.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,945 shares of the medical technology company’s stock after selling 4,308 shares during the quarter. Johnson Financial Group Inc.’s holdings in Medtronic were worth $577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in Medtronic in the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in shares of Medtronic by 293.0% during the 4th 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 purchased a new stake in shares of Medtronic during the 4th quarter valued at about $27,000. Financial Gravity Asset Management Inc. increased its position in shares of 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. Finally, Hartford Financial Management Inc. increased its position in shares of Medtronic by 52.1% during 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 last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group upped their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday. Mizuho upped their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer boosted their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Truist Financial cut their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday. Finally, Wells Fargo & Company boosted their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $94.45.

Insider Activity

In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.91 during midday trading on Friday, reaching $82.29. 8,732,273 shares of the stock traded hands, compared to its average volume of 5,738,687. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.71. The stock has a market capitalization of $109.27 billion, a PE ratio of 29.92, a P/E/G ratio of 2.68 and a beta of 0.78. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company’s 50 day moving average is $82.81 and its 200 day moving average is $82.75.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.57 EPS. On average, equities research analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s dividend payout ratio is currently 100.36%.

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.