Convergence Investment Partners LLC Sells 9,043 Shares of Medtronic plc (NYSE:MDT)

Convergence Investment Partners LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 29.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,856 shares of the medical technology company’s stock after selling 9,043 shares during the period. Convergence Investment Partners LLC’s holdings in Medtronic were worth $1,746,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Fortitude Family Office LLC bought a new position in Medtronic during the 3rd quarter worth $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the 3rd quarter worth $27,000. J. Stern & Co. LLP bought a new position in Medtronic during the 3rd quarter worth $30,000. Finally, Stephens Consulting LLC raised its position in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $86.05 on Wednesday. The company has a market capitalization of $110.34 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 2.63 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The business has a 50-day simple moving average of $85.74 and a two-hundred day simple moving average of $87.02.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Research analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Robert W. Baird decreased their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Sanford C. Bernstein increased their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Company 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.