Ethic Inc. Lowers Stake in Medtronic plc (NYSE:MDT)

Ethic Inc. reduced its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 26.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 103,173 shares of the medical technology company's stock after selling 37,014 shares during the period. Ethic Inc.'s holdings in Medtronic were worth $8,241,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Fullcircle Wealth LLC raised its holdings in shares of Medtronic by 3.5% in the 4th quarter. Fullcircle Wealth LLC now owns 27,493 shares of the medical technology company's stock worth $2,196,000 after purchasing an additional 932 shares during the period. Clark Capital Management Group Inc. bought a new position in shares of Medtronic during the 4th quarter valued at $34,438,000. Deutsche Bank AG lifted its position in shares of Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after buying an additional 372,168 shares in the last quarter. Diligent Investors LLC raised its position in shares of Medtronic by 3.2% during the fourth quarter. Diligent Investors LLC now owns 9,616 shares of the medical technology company's stock valued at $768,000 after buying an additional 300 shares during the last quarter. Finally, CoreCap Advisors LLC raised its position in Medtronic by 16.8% during the fourth quarter. CoreCap Advisors LLC now owns 2,244 shares of the medical technology company's stock valued at $179,000 after purchasing an additional 322 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on MDT shares. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. UBS Group boosted their target price 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. Royal Bank of Canada reiterated an "outperform" rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $96.14.

Medtronic Stock Performance

Medtronic stock traded down $0.55 during trading hours on Tuesday, hitting $85.26. The company had a trading volume of 5,532,384 shares, compared to its average volume of 6,737,089. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a market cap of $109.35 billion, a PE ratio of 25.91, a PEG ratio of 2.22 and a beta of 0.81. The firm has a 50-day moving average of $86.59 and a 200 day moving average of $86.73. Medtronic plc has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating 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 firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. On average, sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Friday, March 28th. Medtronic's payout ratio is currently 85.11%.

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.