Medtronic PLC $MDT Position Reduced by ProShare Advisors LLC

Key Points

• ProShare Advisors LLC reduced its Medtronic stake by 6.9% in the fourth quarter, selling 141,728 shares and leaving it with 1,911,731 shares worth about $183.6 million.
• Medtronic reported better-than-expected quarterly results, posting earnings of $1.36 per share on revenue of $9.02 billion, with revenue up 5.8% year over year.
• The company recently paid a quarterly dividend of $0.71 per share, annualizing to $2.84 and a yield of 3.7%, while analysts currently rate the stock a Moderate Buy with an average price target of $107.80.

ProShare Advisors LLC trimmed its stake in Medtronic PLC (NYSE:MDT - Free Report) by 6.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,911,731 shares of the medical technology company's stock after selling 141,728 shares during the quarter. ProShare Advisors LLC owned 0.15% of Medtronic worth $183,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in MDT. Brighton Jones LLC lifted its position in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Medtronic by 9.6% in the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock worth $380,000 after purchasing an additional 381 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Medtronic in the second quarter worth approximately $299,000. Main Street Financial Solutions LLC lifted its position in shares of Medtronic by 28.9% in the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock worth $1,251,000 after purchasing an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC lifted its position in shares of Medtronic by 21.3% in the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock worth $1,676,000 after purchasing an additional 3,376 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 52,524 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $97.71, for a total transaction of $5,132,120.04. Following the transaction, the executive vice president owned 32,768 shares of the company's stock, valued at approximately $3,201,761.28. This trade represents a 61.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.26% of the company's stock.

Medtronic Price Performance

Shares of MDT opened at $77.32 on Tuesday. The firm has a market cap of $99.26 billion, a PE ratio of 21.54, a PEG ratio of 1.81 and a beta of 0.62. The firm's 50 day moving average price is $84.45 and its 200 day moving average price is $93.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. Medtronic PLC has a twelve month low of $74.40 and a twelve month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 17th. The medical technology company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.02. The firm had revenue of $9.02 billion for the quarter, compared to analyst estimates of $8.89 billion. Medtronic had a net margin of 13.00% and a return on equity of 14.82%. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 earnings per share. As a group, research analysts expect that Medtronic PLC will post 5.57 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, March 27th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Friday, March 27th. Medtronic's dividend payout ratio (DPR) is presently 79.11%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Citigroup reduced their price target on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Truist Financial reduced their price target on shares of Medtronic from $103.00 to $95.00 and set a "hold" rating for the company in a research report on Wednesday, April 15th. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Daiwa Securities Group reduced their price target on shares of Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, February 27th. Finally, Stifel Nicolaus reduced their price target on shares of Medtronic from $105.00 to $95.00 and set a "hold" rating for the company in a research report on Monday, April 6th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $107.80.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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