M&R Capital Management Inc. Sells 226 Shares of Medtronic plc (NYSE:MDT)

M&R Capital Management Inc. lowered its stake in shares of Medtronic plc (NYSE:MDT – Get Rating) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,838 shares of the medical technology company’s stock after selling 226 shares during the quarter. M&R Capital Management Inc.’s holdings in Medtronic were worth $454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. BlackRock Inc. raised its stake in Medtronic by 5.1% in the third quarter. BlackRock Inc. now owns 115,998,561 shares of the medical technology company’s stock valued at $9,366,883,000 after buying an additional 5,620,477 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Medtronic by 33.1% in the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after buying an additional 4,816,172 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Medtronic by 322.3% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,554,073 shares of the medical technology company’s stock valued at $286,991,000 after buying an additional 2,712,530 shares during the last quarter. Great West Life Assurance Co. Can purchased a new stake in Medtronic in the third quarter valued at about $198,877,000. Finally, Renaissance Technologies LLC purchased a new stake in Medtronic in the second quarter valued at about $212,918,000. 80.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In other news, major shareholder Plc Medtronic purchased 6,835 shares of the stock in a transaction dated Monday, January 30th. The shares were purchased at an average cost of $9.28 per share, with a total value of $63,428.80. Following the completion of the purchase, the insider now directly owns 4,999,423 shares of the company’s stock, valued at approximately $46,394,645.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. StockNews.com began coverage on Medtronic in a research note on Thursday. They issued a “buy” rating for the company. Oppenheimer cut Medtronic from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $106.00 to $85.00 in a research note on Wednesday, November 23rd. Truist Financial reduced their price objective on Medtronic from $89.00 to $84.00 in a research note on Wednesday, November 23rd. Cowen reduced their price objective on Medtronic from $117.00 to $90.00 in a research note on Wednesday, November 23rd. Finally, Barclays reduced their price objective on Medtronic from $90.00 to $85.00 and set an “equal weight” rating for the company in a research note on Friday, November 25th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $90.72.

Medtronic Price Performance

MDT traded down $0.98 during trading on Friday, hitting $78.29. The company’s stock had a trading volume of 8,838,609 shares, compared to its average volume of 6,420,709. The company has a current ratio of 1.76, a quick ratio of 1.39 and a debt-to-equity ratio of 0.43. Medtronic plc has a twelve month low of $75.76 and a twelve month high of $114.31. The business’s fifty day simple moving average is $82.06 and its 200 day simple moving average is $82.25. The firm has a market capitalization of $104.16 billion, a price-to-earnings ratio of 25.75, a P/E/G ratio of 2.36 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. The firm had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. The business’s revenue was down .8% on a year-over-year basis. During the same period in the previous year, the company posted $1.37 earnings per share. On average, equities research analysts forecast that Medtronic plc will post 5.28 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 24th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Thursday, March 23rd. Medtronic’s dividend payout ratio is presently 89.47%.

About Medtronic

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.