Medtronic PLC (NYSE:MDT) Shares Sold by Norden Group LLC

Key Points

• Norden Group LLC has reduced its holdings in Medtronic PLC by 14.9% during the first quarter, owning 33,569 shares after selling 5,856 shares, valued at approximately $3,017,000.
• A variety of institutional investors have increased their stakes in Medtronic, with significant increases by Invesco Ltd. (up 17.8%) and Mackenzie Financial Corp (up 220.9%).
• Medtronic declared a quarterly dividend of $0.71 per share, representing a 3.06% yield, which is an increase from the previous dividend of $0.70.

Norden Group LLC lowered its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 14.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,569 shares of the medical technology company's stock after selling 5,856 shares during the quarter. Norden Group LLC's holdings in Medtronic were worth $3,017,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Invesco Ltd. grew its stake in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. purchased a new position in Medtronic during the fourth quarter valued at $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Medtronic in the fourth quarter valued at about $139,869,000. Mackenzie Financial Corp increased its stake in shares of Medtronic by 220.9% during the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock worth $216,753,000 after purchasing an additional 1,660,357 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Medtronic by 21.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after purchasing an additional 1,566,776 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on MDT shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank Of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. William Blair raised Medtronic to a "hold" rating in a research note on Friday, July 11th. Finally, Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Price Performance

Shares of MDT stock opened at $92.91 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The company has a market capitalization of $119.16 billion, a PE ratio of 25.66, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The firm's 50-day moving average is $87.04 and its two-hundred day moving average is $87.60. Medtronic PLC has a 12 month low of $78.32 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the previous year, the company earned $1.46 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. Analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 78.45%.

About Medtronic

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.

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