Allspring Global Investments Holdings LLC Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Allspring Global Investments Holdings LLC boosted its stake in Medtronic plc (NYSE:MDT) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,061,405 shares of the medical technology company’s stock after acquiring an additional 18,900 shares during the period. Allspring Global Investments Holdings LLC owned 0.08% of Medtronic worth $85,134,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic in the third quarter valued at about $27,000. Stephens Consulting LLC raised its stake in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares in the last quarter. Finally, J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the 3rd quarter valued at approximately $30,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.2 %

NYSE MDT opened at $91.35 on Thursday. The company has a market capitalization of $117.14 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08. The company’s fifty day moving average price is $85.04 and its two-hundred day moving average price is $86.65.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.25 earnings per share. As a group, research analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday. Barclays boosted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Truist Financial decreased 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. Finally, Wells Fargo & Company dropped their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.00.

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.