Intact Investment Management Inc. Reduces Holdings in Medtronic plc (NYSE:MDT)

Intact Investment Management Inc. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 31.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,200 shares of the medical technology company’s stock after selling 14,400 shares during the quarter. Intact Investment Management Inc.’s holdings in Medtronic were worth $2,492,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in MDT. Aptus Capital Advisors LLC grew its holdings in shares of Medtronic by 14.9% during the third quarter. Aptus Capital Advisors LLC now owns 11,500 shares of the medical technology company’s stock worth $1,035,000 after buying an additional 1,487 shares in the last quarter. Huntington National Bank grew its holdings in shares of Medtronic by 3.3% during the third quarter. Huntington National Bank now owns 124,185 shares of the medical technology company’s stock worth $11,180,000 after buying an additional 3,917 shares in the last quarter. KBC Group NV grew its holdings in shares of Medtronic by 78.3% during the third quarter. KBC Group NV now owns 654,279 shares of the medical technology company’s stock worth $58,905,000 after buying an additional 287,396 shares in the last quarter. Curi RMB Capital LLC purchased a new stake in shares of Medtronic during the third quarter worth about $521,000. Finally, Metis Global Partners LLC grew its holdings in shares of Medtronic by 1.4% during the third quarter. Metis Global Partners LLC now owns 54,238 shares of the medical technology company’s stock worth $4,883,000 after buying an additional 759 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.9 %

Shares of MDT stock opened at $93.18 on Friday. The stock has a market cap of $119.51 billion, a price-to-earnings ratio of 28.32, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. 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 fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm’s 50 day moving average price is $89.61 and its two-hundred day moving average price is $87.96.

Medtronic (NYSE:MDT) last posted its earnings results 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 net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. On average, analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. Medtronic’s payout ratio is currently 85.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MDT shares. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $96.07.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s 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 transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Medtronic 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.