Shufro Rose & Co. LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Shufro Rose & Co. LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,526 shares of the medical technology company’s stock after selling 424 shares during the period. Shufro Rose & Co. LLC’s holdings in Medtronic were worth $1,687,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MDT. Pzena Investment Management LLC grew its stake in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after buying an additional 3,037,394 shares during the last quarter. 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 worth $1,863,229,000 after acquiring an additional 1,994,123 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Medtronic by 30.1% during the third quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock valued at $406,004,000 after acquiring an additional 1,199,639 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Medtronic by 78.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,356,359 shares of the medical technology company’s stock valued at $184,644,000 after purchasing an additional 1,035,747 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after purchasing an additional 1,026,274 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.49 during trading on Friday, hitting $79.74. 5,024,880 shares of the stock traded hands, compared to its average volume of 5,781,218. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a fifty day moving average price of $83.53 and a two-hundred day moving average price of $81.19. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The company has a market cap of $105.88 billion, a price-to-earnings ratio of 25.39, a P/E/G ratio of 2.73 and a beta of 0.76.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $1.30 earnings per share. As a group, equities analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.46%. Medtronic’s dividend payout ratio is currently 87.90%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction that occurred 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 completion of 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 sale was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Medtronic Profile

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.