Flossbach Von Storch AG Lowers Stake in Medtronic plc (NYSE:MDT)

Flossbach Von Storch AG lessened its stake in Medtronic plc (NYSE:MDT) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,523,835 shares of the medical technology company’s stock after selling 165,138 shares during the period. Medtronic accounts for about 0.9% of Flossbach Von Storch AG’s portfolio, making the stock its 24th largest position. Flossbach Von Storch AG owned 0.19% of Medtronic worth $207,914,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the 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 owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock traded down $0.17 on Wednesday, reaching $79.08. 5,454,316 shares of the company were exchanged, compared to its average volume of 6,318,466. The company has a market cap of $105.00 billion, a price-to-earnings ratio of 25.18, a P/E/G ratio of 2.74 and a beta of 0.76. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. The business has a 50-day moving average price of $84.18 and a 200 day moving average price of $81.01. 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:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 13.71% and a net margin of 13.00%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.30 EPS. Equities research analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Analysts Set New Price Targets

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

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.