Legal & General Group Plc Grows Holdings in Medtronic PLC $MDT

Legal & General Group Plc lifted its holdings in Medtronic PLC (NYSE:MDT) by 7.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,181,883 shares of the medical technology company’s stock after buying an additional 698,172 shares during the quarter. Legal & General Group Plc owned approximately 0.79% of Medtronic worth $978,072,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Brighton Jones LLC grew its position in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after buying an additional 37,265 shares during the period. Sivia Capital Partners LLC grew its position in Medtronic by 9.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock valued at $380,000 after purchasing an additional 381 shares during the last quarter. Jump Financial LLC purchased a new stake in Medtronic during the 2nd quarter valued at about $299,000. Main Street Financial Solutions LLC grew its position in Medtronic by 28.9% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock valued at $1,251,000 after purchasing an additional 3,218 shares during the last quarter. Finally, HUB Investment Partners LLC grew its position in Medtronic by 21.3% during the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock valued at $1,676,000 after purchasing an additional 3,376 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT opened at $78.66 on Monday. The firm’s 50-day moving average price is $83.50 and its 200-day moving average price is $93.17. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The company has a market cap of $100.99 billion, a PE ratio of 21.91, a PEG ratio of 1.87 and a beta of 0.62. Medtronic PLC has a 52-week low of $74.40 and a 52-week high of $106.33.

Medtronic Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MDT. Needham & Company LLC reissued a “buy” rating and set a $120.00 price objective on shares of Medtronic in a research report on Thursday, March 26th. Piper Sandler cut their price objective on shares of Medtronic from $105.00 to $91.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Mizuho cut their price objective on shares of Medtronic from $125.00 to $120.00 and set an “outperform” rating on the stock in a research report on Monday, April 13th. Stifel Nicolaus cut their price objective on shares of Medtronic from $105.00 to $95.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Finally, Truist Financial cut their price objective on shares of Medtronic from $103.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, April 15th. 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $106.45.

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).