Meeder Asset Management Inc. Cuts Stake in Medtronic plc (NYSE:MDT)

Meeder Asset Management Inc. decreased its stake in Medtronic plc (NYSE:MDT) by 91.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,887 shares of the medical technology company’s stock after selling 153,074 shares during the period. Meeder Asset Management Inc.’s holdings in Medtronic were worth $1,189,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Mainstream Capital Management LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $26,000. Stephens Consulting LLC grew its holdings in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. Rakuten Securities Inc. increased its stake in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the period. Fiduciary Advisors Inc. acquired a new position in Medtronic in the 4th quarter worth $36,000. Finally, Kieckhefer Group LLC purchased a new position in Medtronic in the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of several recent analyst reports. Robert W. Baird boosted their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Medtronic 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 report on Wednesday, December 18th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $96.07.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s 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 completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by insiders.

Medtronic Stock Performance

Shares of MDT stock opened at $87.62 on Monday. The company has a market cap of $112.38 billion, a P/E ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80. The business has a 50 day moving average of $90.98 and a two-hundred day moving average of $87.99. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. 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 (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. As a group, analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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

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.