Norges Bank Purchases Shares of 17,213,042 Medtronic PLC $MDT

Norges Bank purchased a new stake in shares of Medtronic PLC (NYSE:MDT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,213,042 shares of the medical technology company’s stock, valued at approximately $1,653,485,000. Norges Bank owned 1.34% of Medtronic as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MDT. Lodestone Wealth Management LLC purchased a new stake in Medtronic during the fourth quarter valued at about $27,000. Anfield Capital Management LLC boosted its holdings in shares of Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 230 shares during the period. Valley Wealth Managers Inc. purchased a new stake in shares of Medtronic during the third quarter worth about $29,000. Board of the Pension Protection Fund purchased a new stake in shares of Medtronic during the fourth quarter worth about $29,000. Finally, GoalVest Advisory LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $29,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $73.73 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. Medtronic PLC has a one year low of $73.67 and a one year high of $106.33. The company has a 50-day simple moving average of $82.36 and a two-hundred day simple moving average of $92.65. The firm has a market capitalization of $94.66 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 1.80 and a beta of 0.62.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were issued a $0.71 dividend. The ex-dividend date was Friday, March 27th. This represents a $2.84 annualized dividend and a yield of 3.9%. Medtronic’s dividend payout ratio (DPR) is 79.11%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Leerink Partners reiterated an “outperform” rating and set a $119.00 target price on shares of Medtronic in a report on Tuesday, March 10th. Piper Sandler dropped their target price on shares of Medtronic from $105.00 to $91.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Jefferies Financial Group reiterated a “hold” rating and set a $95.00 target price on shares of Medtronic in a report on Thursday, April 23rd. Robert W. Baird increased their target price on shares of Medtronic from $92.00 to $93.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, UBS Group dropped their target price on shares of Medtronic from $104.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, April 22nd. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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).