National Bank of Canada FI Decreases Holdings in Medtronic plc (NYSE:MDT)

National Bank of Canada FI lowered its stake in Medtronic plc (NYSE:MDT) by 12.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,130 shares of the medical technology company’s stock after selling 33,665 shares during the period. National Bank of Canada FI’s holdings in Medtronic were worth $19,057,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 4th quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. raised its stake in shares of Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Princeton Global Asset Management LLC purchased a new stake in shares of Medtronic in the third quarter valued at $31,000. Finally, Hartford Financial Management Inc. boosted its stake in shares of Medtronic by 52.1% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 164 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $81.88 on Wednesday. The stock has a market capitalization of $108.72 billion, a price-to-earnings ratio of 26.08, a P/E/G ratio of 2.66 and a beta of 0.78. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The stock has a fifty day simple moving average of $83.01 and a two-hundred day simple moving average of $81.69.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.30 earnings per share. On average, analysts predict that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial raised their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer boosted their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Finally, Mizuho increased their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. One investment 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. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $94.91.

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.