Medtronic plc (NYSE:MDT) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. trimmed its stake in Medtronic plc (NYSE:MDT) by 92.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,603 shares of the medical technology company’s stock after selling 97,957 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Medtronic were worth $607,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brookstone Capital Management increased its position in shares of Medtronic by 11.4% during the fourth quarter. Brookstone Capital Management now owns 20,026 shares of the medical technology company’s stock worth $1,600,000 after purchasing an additional 2,049 shares in the last quarter. Wedmont Private Capital grew its stake in Medtronic by 20.9% during the 4th quarter. Wedmont Private Capital now owns 5,802 shares of the medical technology company’s stock worth $468,000 after buying an additional 1,004 shares during the last quarter. Accurate Wealth Management LLC increased its position in Medtronic by 3.7% during the fourth quarter. Accurate Wealth Management LLC now owns 4,421 shares of the medical technology company’s stock worth $357,000 after buying an additional 159 shares during the period. SeaCrest Wealth Management LLC lifted its stake in Medtronic by 3.3% in the fourth quarter. SeaCrest Wealth Management LLC now owns 7,967 shares of the medical technology company’s stock valued at $636,000 after buying an additional 251 shares during the last quarter. Finally, Pines Wealth Management LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $310,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MDT shares. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Robert W. Baird lifted their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $96.14.

Medtronic Price Performance

Shares of NYSE:MDT opened at $85.96 on Friday. The company has a market cap of $110.25 billion, a P/E ratio of 26.13, a P/E/G ratio of 2.22 and a beta of 0.81. The business has a fifty day simple moving average of $86.07 and a 200-day simple moving average of $86.67. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.26%. The ex-dividend date was Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

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.