Sector Gamma AS Has $35.84 Million Stock Position in Medtronic plc (NYSE:MDT)

Sector Gamma AS boosted its position in Medtronic plc (NYSE:MDT) by 32.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 435,075 shares of the medical technology company’s stock after purchasing an additional 107,172 shares during the quarter. Medtronic comprises about 8.7% of Sector Gamma AS’s portfolio, making the stock its biggest holding. Sector Gamma AS’s holdings in Medtronic were worth $35,841,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Morgan Stanley lifted its position in shares of Medtronic by 9.2% during the 3rd 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 period. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after buying an additional 508,205 shares during the last quarter. Northern Trust Corp lifted its position in shares of Medtronic by 2.1% during the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after buying an additional 285,819 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Medtronic by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock worth $843,979,000 after buying an additional 79,660 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Medtronic by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after buying an additional 649,367 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.6 %

Shares of Medtronic stock traded up $0.49 on Friday, hitting $79.74. 5,024,880 shares of the company’s stock traded hands, compared to its average volume of 5,781,218. Medtronic plc has a one year low of $68.84 and a one year high of $92.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a fifty day moving average of $83.53 and a two-hundred day moving average of $81.16. The company has a market capitalization of $105.88 billion, a price-to-earnings ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. The business 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 company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 earnings per share. As a group, sell-side analysts expect that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.46%. Medtronic’s payout ratio is currently 87.90%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MDT. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer upped their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Mizuho increased their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, 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. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.91.

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred 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 $4,110,842.57. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred 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 $4,110,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred 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 owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

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.