New England Research & Management Inc. Trims Position in Medtronic plc (NYSE:MDT)

New England Research & Management Inc. trimmed its position in Medtronic plc (NYSE:MDT) by 14.3% during the 4th quarter, HoldingsChannel reports. The firm owned 12,443 shares of the medical technology company’s stock after selling 2,084 shares during the period. New England Research & Management Inc.’s holdings in Medtronic were worth $994,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after buying an additional 5,975,110 shares in the last quarter. Bank of Montreal Can lifted its holdings in Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after purchasing an additional 1,790,483 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during the period. Janus Henderson Group PLC raised its position in shares of Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after purchasing an additional 1,420,263 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on MDT. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Finally, Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. One equities 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Insider Activity

In other 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 completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company’s stock.

Medtronic Trading Down 0.5 %

Shares of NYSE:MDT opened at $91.51 on Thursday. The company has a market capitalization of $117.34 billion, a PE ratio of 27.98, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $93.08. The business’s fifty day simple moving average is $83.99 and its 200-day simple moving average is $85.83.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $1.25 earnings per share. As a group, equities research analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed 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. This represents a $2.80 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

About Medtronic

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.