Russell Investments Group Ltd. Raises Stake in Medtronic plc (NYSE:MDT)

Russell Investments Group Ltd. raised its position in shares of Medtronic plc (NYSE:MDT) by 8.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,172,410 shares of the medical technology company’s stock after purchasing an additional 175,788 shares during the quarter. Russell Investments Group Ltd. owned 0.16% of Medtronic worth $179,108,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Alexander Randolph Advisory Inc. purchased a new position in Medtronic during the fourth quarter valued at approximately $1,116,000. Private Wealth Partners LLC purchased a new position in Medtronic during the fourth quarter valued at $236,000. Kovack Advisors Inc. increased its holdings in Medtronic by 26.3% in the 4th quarter. Kovack Advisors Inc. now owns 6,973 shares of the medical technology company’s stock valued at $574,000 after acquiring an additional 1,453 shares during the last quarter. K.J. Harrison & Partners Inc purchased a new stake in Medtronic in the 4th quarter worth $395,000. Finally, Bryn Mawr Capital Management LLC boosted its holdings in shares of Medtronic by 337.8% during the 4th quarter. Bryn Mawr Capital Management LLC now owns 85,843 shares of the medical technology company’s stock valued at $7,072,000 after purchasing an additional 66,235 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

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

Medtronic Trading Up 0.6 %

NYSE:MDT traded up $0.49 during midday trading on Friday, hitting $79.74. 5,024,880 shares of the company traded hands, compared to its average volume of 5,781,218. The firm’s fifty day moving average is $83.53 and its 200-day moving average is $81.16. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The firm has a market capitalization of $105.88 billion, a P/E ratio of 25.39, a P/E/G ratio of 2.71 and a beta of 0.76. 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 (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The company 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%. Medtronic’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.30 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Mizuho lifted their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Oppenheimer upped their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Truist Financial upped their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $94.91.

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.