Swiss National Bank Trims Holdings in Medtronic plc (NYSE:MDT)

Swiss National Bank cut its holdings in Medtronic plc (NYSE:MDT) by 2.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,160,566 shares of the medical technology company’s stock after selling 118,800 shares during the quarter. Swiss National Bank owned approximately 0.31% of Medtronic worth $342,747,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fisher Asset Management LLC grew its position in Medtronic by 22.2% during the 4th quarter. Fisher Asset Management LLC now owns 4,594,855 shares of the medical technology company’s stock valued at $378,524,000 after purchasing an additional 835,806 shares during the last quarter. Heritage Wealth Management LLC purchased a new stake in Medtronic during the 4th quarter valued at about $740,000. Wilbanks Smith & Thomas Asset Management LLC grew its position in Medtronic by 21.8% during the 4th quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 8,170 shares of the medical technology company’s stock valued at $673,000 after purchasing an additional 1,461 shares during the last quarter. Rogco LP grew its position in Medtronic by 1.9% during the 4th quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after purchasing an additional 129 shares during the last quarter. Finally, Berry Wealth Group LP purchased a new stake in Medtronic during the 4th quarter valued at about $2,143,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MDT has been the topic of several recent analyst reports. Oppenheimer increased their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial upped their target price on shares of 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 restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Finally, Mizuho upped their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $94.91.

Insider Buying and Selling

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 value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Michael Marinaro sold 854 shares of Medtronic 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 sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was 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 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 insiders.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.28 during trading on Thursday, hitting $80.61. The company’s stock had a trading volume of 2,982,681 shares, compared to its average volume of 6,202,166. The company has a 50-day moving average of $83.25 and a 200-day moving average of $81.37. Medtronic plc has a 12 month low of $68.84 and a 12 month 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 firm has a market cap of $107.04 billion, a price-to-earnings ratio of 25.80, a P/E/G ratio of 2.75 and a beta of 0.78.

Medtronic (NYSE:MDT) last released its 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 company had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.30 EPS. On average, 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 announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.42%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is 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.