Diametric Capital LP Trims Position in Medtronic plc (NYSE:MDT)

Diametric Capital LP lowered its stake in shares of Medtronic plc (NYSE:MDT) by 73.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,557 shares of the medical technology company’s stock after selling 7,178 shares during the quarter. Diametric Capital LP’s holdings in Medtronic were worth $204,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in shares of Medtronic by 21.0% during the third quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock worth $165,616,000 after purchasing an additional 319,256 shares during the period. Ascent Group LLC purchased a new position in Medtronic during the 3rd quarter worth $476,000. Janus Henderson Group PLC lifted its stake in shares of Medtronic by 58.4% in the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock worth $346,705,000 after acquiring an additional 1,420,263 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of Medtronic by 2.7% in the third quarter. Integrated Wealth Concepts LLC now owns 48,248 shares of the medical technology company’s stock valued at $4,344,000 after acquiring an additional 1,248 shares in the last quarter. Finally, IHT Wealth Management LLC increased its stake in shares of Medtronic by 34.2% during the third quarter. IHT Wealth Management LLC now owns 27,145 shares of the medical technology company’s stock worth $2,444,000 after acquiring an additional 6,917 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity

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 value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Medtronic Trading Up 0.5 %

Shares of Medtronic stock opened at $88.97 on Thursday. The business has a 50 day moving average price of $91.04 and a 200 day moving average price of $87.99. The company has a market capitalization of $114.11 billion, a P/E ratio of 27.04, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.15%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Analyst Ratings Changes

MDT has been the subject of a number of recent analyst reports. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $96.07.

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.