Royal London Asset Management Ltd. Sells 1,164 Shares of Medtronic plc (NYSE:MDT)

Royal London Asset Management Ltd. lessened its position in Medtronic plc (NYSE:MDT) by 0.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 560,414 shares of the medical technology company’s stock after selling 1,164 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Medtronic were worth $44,766,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MDT. PNC Financial Services Group Inc. lifted its holdings in shares of Medtronic by 9.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 574,483 shares of the medical technology company’s stock worth $51,721,000 after acquiring an additional 51,346 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new position in Medtronic in the 3rd quarter worth about $2,641,000. Portfolio Design Labs LLC purchased a new position in Medtronic in the 3rd quarter worth about $238,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the 3rd quarter worth about $27,000. Finally, Citizens Financial Group Inc. RI increased its stake in Medtronic by 31.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 15,873 shares of the medical technology company’s stock worth $1,439,000 after buying an additional 3,805 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.8 %

Shares of Medtronic stock opened at $91.15 on Friday. The firm’s 50 day moving average price is $90.47 and its 200-day moving average price is $88.06. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a market cap of $116.91 billion, a P/E ratio of 27.71, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent analyst reports. Robert W. Baird raised their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial reduced their price target on shares of 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 reissued a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $96.07.

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.