Medtronic plc (NYSE:MDT) Shares Sold by Fernwood Investment Management LLC

Fernwood Investment Management LLC trimmed its position in Medtronic plc (NYSE:MDT) by 3.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 19,585 shares of the medical technology company’s stock after selling 661 shares during the quarter. Fernwood Investment Management LLC’s holdings in Medtronic were worth $1,613,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Pzena Investment Management LLC lifted its stake in Medtronic by 112.8% in 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 purchasing an additional 3,037,394 shares in the last quarter. Morgan Stanley lifted its stake in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Medtronic by 30.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock worth $406,004,000 after purchasing an additional 1,199,639 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in 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 worth $184,644,000 after purchasing an additional 1,035,747 shares in the last quarter. Finally, International Assets Investment Management LLC lifted 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. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Activity

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

Medtronic Trading Up 1.4 %

NYSE:MDT traded up $1.12 during trading hours on Monday, reaching $80.86. 6,153,712 shares of the stock were exchanged, compared to its average volume of 6,248,234. 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 business has a 50-day moving average of $83.53 and a two-hundred day moving average of $81.25. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The company has a market capitalization of $107.37 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.73 and a beta of 0.76.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.41%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

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.