Medtronic plc (NYSE:MDT) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC reduced its position in Medtronic plc (NYSE:MDT) by 2.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 673,149 shares of the medical technology company’s stock after selling 14,843 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Medtronic worth $53,771,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. State Street Corp raised its stake in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after purchasing an additional 520,027 shares during the last quarter. Pzena Investment Management LLC grew its holdings in Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after acquiring an additional 5,975,110 shares during the last quarter. Raymond James & Associates boosted its stake in Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after buying an additional 145,504 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock worth $530,612,000 after purchasing an additional 609,391 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was 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 owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $92.27 on Friday. The firm has a market cap of $118.32 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 2.57 and a beta of 0.84. The stock has a 50 day moving average of $85.16 and a 200-day moving average of $86.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08.

Medtronic (NYSE:MDT) last issued its 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. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the firm earned $1.25 EPS. The business’s revenue was up 5.2% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.03%. Medtronic’s dividend payout ratio is currently 85.63%.

Analyst Ratings Changes

A number of research firms have recently commented on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday. Robert W. Baird cut their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. JPMorgan Chase & Co. cut their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Wells Fargo & Company dropped their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price 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.