Garland Capital Management Inc. Sells 1,170 Shares of Medtronic plc (NYSE:MDT)

Garland Capital Management Inc. reduced its stake in shares of Medtronic plc (NYSE:MDTFree Report) by 2.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 44,990 shares of the medical technology company’s stock after selling 1,170 shares during the period. Medtronic makes up 2.6% of Garland Capital Management Inc.’s investment portfolio, making the stock its 24th biggest position. Garland Capital Management Inc.’s holdings in Medtronic were worth $3,706,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC increased its position in shares of Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after purchasing an additional 14,149,287 shares during the last quarter. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter worth approximately $1,062,316,000. Bank of New York Mellon Corp grew its holdings in shares of Medtronic by 33.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after purchasing an additional 4,816,172 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Medtronic by 112.8% in the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after purchasing an additional 3,037,394 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Medtronic by 9.2% during 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 buying an additional 1,994,123 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic 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 sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Truist Financial boosted their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer boosted their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Finally, Mizuho lifted their price objective on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.91.

Check Out Our Latest Analysis on MDT

Medtronic Stock Down 2.5 %

Shares of MDT traded down $2.04 during trading hours on Friday, hitting $80.13. The company had a trading volume of 6,349,520 shares, compared to its average volume of 6,289,623. The firm has a fifty day moving average price of $84.80 and a 200-day moving average price of $80.97. The stock has a market capitalization of $106.40 billion, a price-to-earnings ratio of 26.17, a P/E/G ratio of 2.82 and a beta of 0.76. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDTGet Free Report) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business earned $1.30 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities research analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.44%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Medtronic Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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