Medtronic PLC $MDT Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lowered its position in Medtronic PLC (NYSE:MDT) by 27.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 56,600 shares of the medical technology company’s stock after selling 21,400 shares during the period. Gabelli Funds LLC’s holdings in Medtronic were worth $5,437,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of MDT. Barclays PLC boosted its position in Medtronic by 104.6% in the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock valued at $650,604,000 after buying an additional 3,492,192 shares during the last quarter. Schroder Investment Management Group boosted its position in Medtronic by 78.3% in the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock valued at $717,143,000 after buying an additional 3,307,211 shares during the last quarter. Guinness Asset Management LTD purchased a new stake in Medtronic in the third quarter valued at approximately $275,556,000. Wellington Management Group LLP boosted its position in Medtronic by 35.3% in the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock valued at $970,456,000 after buying an additional 2,658,981 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Medtronic by 2,297.7% in the fourth quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company’s stock valued at $241,179,000 after buying an additional 2,406,000 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on MDT. CICC Research began coverage on Medtronic in a research report on Friday, January 30th. They issued an “outperform” rating on the stock. Argus lowered their price objective on Medtronic from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Piper Sandler lowered their price objective on Medtronic from $105.00 to $91.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Wells Fargo & Company began coverage on Medtronic in a research report on Friday, January 30th. They issued an “overweight” rating and a $114.00 price objective on the stock. Finally, UBS Group lowered their price objective on Medtronic from $104.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 22nd. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.80.

Key Medtronic News

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic announced plans to acquire privately held SPR Therapeutics for about $650 million in cash, a deal that should expand its neuromodulation franchise and add temporary peripheral nerve stimulation technology for chronic pain treatment. Article: Medtronic announces intent to acquire SPR Therapeutics, Inc., expanding care options for people living with chronic pain
• Positive Sentiment: Broader healthcare trading was mixed but stable, which suggests the stock’s move is more about company news than a sector-wide selloff. Article: Sector Update: Healthcare Stocks Mixed Late Afternoon
• Neutral Sentiment: Medtronic also named Kweli Thompson to lead its neuroscience portfolio, a leadership change that keeps attention on execution in one of its key growth businesses. Article: Medtronic, BD name new leaders
• Negative Sentiment: Investors appear to be weighing the $650 million cash outlay and integration risk from the SPR deal, which may be pressuring the shares in the near term. Article: Medtronic (MDT) Stock Slides as Company Announces $650M SPR Therapeutics Deal

Medtronic Stock Down 0.6%

NYSE MDT opened at $78.09 on Thursday. The business has a fifty day moving average price of $83.94 and a 200 day moving average price of $93.34. Medtronic PLC has a one year low of $74.40 and a one year high of $106.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The company has a market cap of $100.26 billion, a P/E ratio of 21.75, a P/E/G ratio of 1.87 and a beta of 0.62.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 17th. The medical technology company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.The firm had revenue of $9.02 billion during the quarter, compared to the consensus estimate of $8.89 billion. During the same period in the prior year, the company earned $1.38 EPS. The firm’s revenue was up 5.8% compared to the same quarter last year. Research analysts anticipate that Medtronic PLC will post 5.56 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic’s dividend payout ratio (DPR) is 79.11%.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).