Medtronic PLC $MDT Shares Acquired by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB increased its Medtronic stake by 7.9% in the fourth quarter, bringing its holdings to 669,085 shares valued at about $64.3 million.
• Medtronic reported quarterly earnings of $1.36 per share, topping estimates, while revenue came in at $9.02 billion, up 5.8% year over year.
• The company declared a quarterly dividend of $0.71 per share and has received a mixed but overall positive analyst outlook, with a consensus rating of Moderate Buy and an average price target of $107.80.

Handelsbanken Fonder AB boosted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 7.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 669,085 shares of the medical technology company's stock after buying an additional 48,922 shares during the period. Handelsbanken Fonder AB owned 0.05% of Medtronic worth $64,272,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. Lodestone Wealth Management LLC acquired a new stake in Medtronic in the 4th quarter worth about $27,000. Anfield Capital Management LLC boosted its stake in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares during the last quarter. Valley Wealth Managers Inc. acquired a new stake in Medtronic in the 3rd quarter worth about $29,000. Board of the Pension Protection Fund acquired a new stake in Medtronic in the 4th quarter worth about $29,000. Finally, GoalVest Advisory LLC acquired a new stake in Medtronic in the 4th quarter worth about $29,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 52,524 shares of the firm's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $97.71, for a total transaction of $5,132,120.04. Following the sale, the executive vice president directly owned 32,768 shares in the company, valued at approximately $3,201,761.28. This trade represents a 61.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.26% of the company's stock.

Medtronic Stock Performance

Medtronic stock opened at $77.32 on Tuesday. The company has a market cap of $99.26 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 1.81 and a beta of 0.62. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. Medtronic PLC has a 12 month low of $74.40 and a 12 month high of $106.33. The stock's 50-day moving average is $84.45 and its 200-day moving average is $93.52.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 17th. The medical technology company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. The business had revenue of $9.02 billion for the quarter, compared to the consensus estimate of $8.89 billion. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.The company's revenue was up 5.8% on a year-over-year basis. During the same period last year, the business posted $1.38 EPS. Equities analysts anticipate that Medtronic PLC will post 5.57 earnings per share for the current year.

Medtronic Announces Dividend

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

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research analyst reports. Piper Sandler decreased their price target on Medtronic from $105.00 to $91.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 1st. CICC Research began coverage on Medtronic in a research note on Friday, January 30th. They issued an "outperform" rating on the stock. Leerink Partners restated an "outperform" rating and issued a $119.00 price objective on shares of Medtronic in a report on Tuesday, March 10th. UBS Group cut their price objective on Medtronic from $104.00 to $90.00 and set a "neutral" rating on the stock in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company began coverage on Medtronic in a report on Friday, January 30th. They issued an "overweight" rating and a $114.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $107.80.

About Medtronic

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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