Hartford Funds Management Co LLC Has $495,000 Stock Holdings in Medtronic plc (NYSE:MDT)

Hartford Funds Management Co LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 33.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,009 shares of the medical technology company’s stock after buying an additional 1,505 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Medtronic were worth $495,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. BKM Wealth Management LLC bought a new position in Medtronic during the fourth quarter worth about $941,000. International Assets Investment Management LLC grew its holdings in Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after purchasing an additional 1,026,274 shares during the period. Tower Research Capital LLC TRC increased its stake in Medtronic by 69.3% in the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after purchasing an additional 16,574 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Medtronic by 109,325.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock valued at $7,572,000 after purchasing an additional 91,833 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of Medtronic during the fourth quarter worth $6,623,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred 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 completion of 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 filing with the SEC, which is available at this link. Also, EVP Sean Salmon sold 30,695 shares of the firm’s 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 in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Medtronic Stock Down 0.8 %

Shares of MDT traded down $0.61 during mid-day trading on Tuesday, hitting $80.25. 6,487,312 shares of the company’s stock were exchanged, compared to its average volume of 6,251,118. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company has a market cap of $106.56 billion, a PE ratio of 25.56, a P/E/G ratio of 2.73 and a beta of 0.76. The company has a 50-day simple moving average of $83.35 and a 200 day simple moving average of $81.38.

Medtronic (NYSE:MDT) last released its earnings results 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. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same quarter last year, the firm earned $1.30 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, research analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of recent analyst reports. Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Truist Financial increased their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Oppenheimer increased their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $94.91.

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.