King Luther Capital Management Corp Reduces Position in Medtronic plc (NYSE:MDT)

King Luther Capital Management Corp decreased its holdings in Medtronic plc (NYSE:MDT) by 8.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,670 shares of the medical technology company’s stock after selling 3,610 shares during the quarter. King Luther Capital Management Corp’s holdings in Medtronic were worth $3,009,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MDT. Mainstream Capital Management LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $26,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Stephens Consulting LLC raised its stake 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 buying an additional 204 shares during the last quarter. J. Stern & Co. LLP bought a new position in shares of Medtronic during the 3rd quarter valued at $30,000. Finally, Fiduciary Advisors Inc. purchased a new position in shares of Medtronic in the 4th quarter worth $36,000. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on MDT shares. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. UBS Group upped their price target 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. Barclays increased their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Truist Financial reduced 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, Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average target price of $96.07.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred 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 directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

NYSE:MDT opened at $91.58 on Thursday. The stock has a market cap of $117.45 billion, a PE ratio of 27.83, a P/E/G 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. The business’s 50-day simple moving average is $89.12 and its two-hundred day simple moving average is $87.91. Medtronic plc has a 52 week low of $75.96 and a 52 week 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. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

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 given a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.06%. Medtronic’s dividend payout ratio is 85.11%.

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.