Medtronic PLC $MDT Shares Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its holdings in shares of Medtronic PLC (NYSE:MDT) by 7.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 669,085 shares of the medical technology company’s stock after purchasing an additional 48,922 shares during the quarter. Handelsbanken Fonder AB’s holdings in Medtronic were worth $64,272,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MDT. Barclays PLC grew its position in shares of Medtronic by 104.6% in the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock worth $650,604,000 after acquiring an additional 3,492,192 shares in the last quarter. Schroder Investment Management Group grew its position in shares of Medtronic by 78.3% in the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock worth $717,143,000 after acquiring an additional 3,307,211 shares in the last quarter. Guinness Asset Management LTD acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $275,556,000. Wellington Management Group LLP grew its position in shares of Medtronic by 35.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after acquiring an additional 2,658,981 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Medtronic by 2,297.7% in the 4th quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company’s stock worth $241,179,000 after acquiring an additional 2,406,000 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Robert W. Baird boosted their price objective on Medtronic from $92.00 to $93.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Daiwa Securities Group cut their target price on Medtronic from $117.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. JPMorgan Chase & Co. cut their target price on Medtronic from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 18th. Finally, Piper Sandler cut their target price on Medtronic from $105.00 to $91.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.80.

Medtronic Stock Up 1.5%

Shares of Medtronic stock opened at $77.32 on Tuesday. The stock’s fifty day moving average is $84.45 and its 200-day moving average is $93.52. The firm has a market capitalization of $99.26 billion, a PE ratio of 21.54, a price-to-earnings-growth ratio of 1.81 and a beta of 0.62. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. Medtronic PLC has a 12-month low of $74.40 and a 12-month high of $106.33.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 17th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The company had revenue of $9.02 billion for the quarter, compared to analyst estimates of $8.89 billion. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.Medtronic’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.38 earnings per share. Equities analysts anticipate that Medtronic PLC will post 5.57 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a dividend of $0.71 per share. 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 3.7%. Medtronic’s payout ratio is 79.11%.

Insider Activity

In other news, EVP Harry Skip Kiil sold 52,524 shares of the business’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $97.71, for a total transaction of $5,132,120.04. Following the sale, the executive vice president directly owned 32,768 shares of the company’s stock, valued at $3,201,761.28. The trade was a 61.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is owned by company insiders.

Medtronic Company 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).