Polen Capital Management LLC Sells 240,551 Shares of Medtronic plc (NYSE:MDT)

Polen Capital Management LLC cut its holdings in Medtronic plc (NYSE:MDT) by 23.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 782,478 shares of the medical technology company’s stock after selling 240,551 shares during the period. Polen Capital Management LLC owned approximately 0.06% of Medtronic worth $62,504,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Gold Investment Management Ltd. raised its position in shares of Medtronic by 1.4% in the 4th quarter. Gold Investment Management Ltd. now owns 31,000 shares of the medical technology company’s stock worth $2,476,000 after acquiring an additional 441 shares in the last quarter. SlateStone Wealth LLC grew its stake in shares of Medtronic by 1.5% in the 4th quarter. SlateStone Wealth LLC now owns 55,009 shares of the medical technology company’s stock valued at $4,394,000 after buying an additional 829 shares during the period. First National Advisers LLC grew its stake in shares of Medtronic by 2.9% in the 4th quarter. First National Advisers LLC now owns 28,418 shares of the medical technology company’s stock valued at $2,270,000 after buying an additional 809 shares during the period. Patten & Patten Inc. TN grew its stake in shares of Medtronic by 29.1% in the 4th quarter. Patten & Patten Inc. TN now owns 11,539 shares of the medical technology company’s stock valued at $922,000 after buying an additional 2,600 shares during the period. Finally, Harbour Investments Inc. grew its stake in shares of Medtronic by 14.5% in the 4th quarter. Harbour Investments Inc. now owns 10,812 shares of the medical technology company’s stock valued at $864,000 after buying an additional 1,367 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Up 0.9 %

NYSE:MDT opened at $93.18 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $119.51 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The firm’s 50 day moving average is $89.61 and its 200 day moving average is $87.95. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last posted its quarterly 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. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.70 dividend. 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 dividend payout ratio (DPR) is presently 85.11%.

Insider Buying and Selling

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 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 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 SEC, which is available through this link. 0.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and lifted their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.07.

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.