Medtronic plc (NYSE:MDT) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 917,920 shares of the medical technology company’s stock after acquiring an additional 30,310 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Medtronic worth $72,250,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. International Assets Investment Management LLC grew its holdings in shares of Medtronic by 2.5% during the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock worth $1,039,000 after buying an additional 302 shares in the last quarter. Kovack Advisors Inc. grew its holdings in Medtronic by 26.3% in the fourth quarter. Kovack Advisors Inc. now owns 6,973 shares of the medical technology company’s stock valued at $574,000 after purchasing an additional 1,453 shares during the period. Stonebrook Private Inc. purchased a new stake in Medtronic in the fourth quarter valued at approximately $1,916,000. Vance Wealth Inc. grew its holdings in Medtronic by 34.2% in the fourth quarter. Vance Wealth Inc. now owns 76,418 shares of the medical technology company’s stock valued at $6,295,000 after purchasing an additional 19,473 shares during the period. Finally, Convergence Investment Partners LLC purchased a new stake in Medtronic in the fourth quarter valued at approximately $200,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MDT. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, August 21st. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Robert W. Baird boosted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Citigroup decreased their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $92.92.

Medtronic Trading Down 0.6 %

MDT opened at $88.80 on Wednesday. The stock has a market capitalization of $113.87 billion, a PE ratio of 32.29, a P/E/G ratio of 2.35 and a beta of 0.82. The firm’s fifty day moving average price is $80.67 and its 200 day moving average price is $82.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $90.13.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.20 earnings per share. As a group, research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.15%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Insiders Place Their Bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

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.