Allstate Corp Takes $3.06 Million Position in Medtronic plc (NYSE:MDT)

Allstate Corp purchased a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 38,240 shares of the medical technology company’s stock, valued at approximately $3,055,000.

A number of other large investors have also bought and sold shares of MDT. Guardian Wealth Management Inc. grew its holdings in shares of Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after purchasing an additional 115 shares during the last quarter. MONECO Advisors LLC increased its holdings in Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after purchasing an additional 115 shares during the period. OLD Second National Bank of Aurora raised its position in Medtronic by 0.3% during the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock valued at $2,900,000 after purchasing an additional 121 shares during the last quarter. McKinley Carter Wealth Services Inc. lifted its holdings in Medtronic by 0.7% in the 4th quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company’s stock worth $1,572,000 after buying an additional 129 shares during the period. Finally, Vestor Capital LLC grew its position in shares of Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock worth $4,104,000 after buying an additional 138 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by insiders.

Medtronic Price Performance

Shares of Medtronic stock opened at $87.62 on Friday. 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 stock’s 50-day simple moving average is $90.98 and its 200-day simple moving average is $88.01. The company has a market capitalization of $112.38 billion, a price-to-earnings ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80.

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

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.20%. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Analyst Ratings Changes

A number of analysts recently commented on MDT shares. UBS Group raised their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Robert W. Baird lifted their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Finally, Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company 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.