abrdn plc Purchases 519,270 Shares of Medtronic plc (NYSE:MDT)

abrdn plc boosted its position in Medtronic plc (NYSE:MDT) by 45.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,667,959 shares of the medical technology company’s stock after acquiring an additional 519,270 shares during the quarter. abrdn plc owned 0.13% of Medtronic worth $137,406,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MDT. Hartford Financial Management Inc. increased its stake in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. lifted 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 worth $26,000 after purchasing an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. lifted its holdings 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. Finally, Princeton Global Asset Management LLC acquired a new position in shares of Medtronic during the third quarter worth $31,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.4 %

MDT traded up $0.29 during midday trading on Friday, hitting $79.48. The company had a trading volume of 6,756,950 shares, compared to its average volume of 5,961,242. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $105.54 billion, a price-to-earnings ratio of 25.32, a PEG ratio of 2.71 and a beta of 0.76. The stock’s 50 day moving average price is $83.93 and its 200 day moving average price is $81.01.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.47%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MDT shares. Mizuho lifted their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Oppenheimer lifted their price target 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. Truist Financial lifted their price target on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.91.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of Medtronic 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 completion of the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the business’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 directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. 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.