Channing Capital Management LLC Buys 5,532 Shares of Medtronic plc (NYSE:MDT)

Channing Capital Management LLC increased its position in shares of Medtronic plc (NYSE:MDT) by 7.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,251 shares of the medical technology company’s stock after purchasing an additional 5,532 shares during the quarter. Channing Capital Management LLC’s holdings in Medtronic were worth $6,611,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MDT. Morgan Stanley increased its stake in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares during the last quarter. Northern Trust Corp grew its position in Medtronic by 2.1% in the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after acquiring an additional 285,819 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Medtronic by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock worth $843,979,000 after acquiring an additional 79,660 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after acquiring an additional 649,367 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Medtronic by 10.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 6,088,880 shares of the medical technology company’s stock valued at $477,125,000 after purchasing an additional 592,849 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Medtronic

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 value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’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 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 approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Trading Up 0.0 %

Shares of Medtronic stock traded up $0.04 on Monday, hitting $81.73. 2,783,926 shares of the company’s stock traded hands, compared to its average volume of 6,185,856. The company has a fifty day moving average of $83.08 and a two-hundred day moving average of $81.56. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company has a market capitalization of $108.52 billion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 2.66 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.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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 company had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same quarter in the previous year, the business posted $1.30 EPS. Medtronic’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, sell-side analysts expect that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.38%. Medtronic’s payout ratio is currently 87.90%.

Analyst Upgrades and Downgrades

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

About Medtronic

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.