Artisan Partners Limited Partnership Sells 17,759 Shares of Medtronic plc (NYSE:MDT)

Artisan Partners Limited Partnership lowered its position in Medtronic plc (NYSE:MDT) by 1.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,204,694 shares of the medical technology company’s stock after selling 17,759 shares during the quarter. Artisan Partners Limited Partnership owned 0.09% of Medtronic worth $96,231,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MDT. Loomis Sayles & Co. L P increased its stake in Medtronic by 6.9% in the third quarter. Loomis Sayles & Co. L P now owns 2,182 shares of the medical technology company’s stock valued at $196,000 after acquiring an additional 141 shares during the period. FMR LLC increased its position in Medtronic by 21.0% in the 3rd quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock valued at $165,616,000 after acquiring an additional 319,256 shares in the last quarter. Glenmede Trust Co. NA raised its position in Medtronic by 31.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 380,554 shares of the medical technology company’s stock worth $34,261,000 after purchasing an additional 90,111 shares during the last quarter. CreativeOne Wealth LLC raised its position in shares of Medtronic by 279.5% during the third quarter. CreativeOne Wealth LLC now owns 20,672 shares of the medical technology company’s stock worth $1,861,000 after acquiring an additional 15,225 shares during the last quarter. Finally, Fiduciary Trust Co lifted its position in Medtronic by 0.4% during the 3rd quarter. Fiduciary Trust Co now owns 35,375 shares of the medical technology company’s stock valued at $3,185,000 after purchasing an additional 142 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $89.00 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market cap of $114.14 billion, a P/E ratio of 27.05, a PEG ratio of 2.22 and a beta of 0.80. The stock has a 50 day simple moving average of $91.00 and a 200 day simple moving average of $88.05. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.15%. Medtronic’s payout ratio is 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MDT has been the topic of a number of analyst reports. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group lifted their price target 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. Finally, Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $96.07.

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.