Janus Henderson Group PLC Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Janus Henderson Group PLC lessened its holdings in Medtronic plc (NYSE:MDT) by 0.4% during the first quarter, Holdings Channel.com reports. The firm owned 3,487,494 shares of the medical technology company’s stock after selling 14,162 shares during the quarter. Janus Henderson Group PLC’s holdings in Medtronic were worth $303,916,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in MDT. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $27,000. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the 1st quarter worth $27,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic during the 1st quarter worth $33,000. Fortis Group Advisors LLC grew its stake in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the period. Finally, Hartford Financial Management Inc. increased its holdings in shares of Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.81 on Tuesday, hitting $80.81. The company had a trading volume of 6,566,397 shares, compared to its average volume of 6,322,256. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a market cap of $103.62 billion, a PE ratio of 29.09, a PEG ratio of 2.29 and a beta of 0.82. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $89.18. The business has a 50 day moving average of $80.27 and a 200 day moving average of $82.79.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the firm earned $1.57 EPS. The firm’s quarterly revenue was up .5% on a year-over-year basis. As a group, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.46%. Medtronic’s payout ratio is 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research analyst reports. Truist Financial decreased their price objective on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. UBS Group boosted their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. The Goldman Sachs Group began coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company raised their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $90.90.

Insiders Place Their Bets

In related news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.