Sequoia Financial Advisors LLC Boosts Stake in Medtronic plc (NYSE:MDT)

Sequoia Financial Advisors LLC boosted its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 24.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,725 shares of the medical technology company's stock after acquiring an additional 16,085 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Medtronic were worth $6,815,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Morgan Stanley boosted its position in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company's stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp grew its position in Medtronic by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company's stock worth $1,597,954,000 after acquiring an additional 508,205 shares during the last quarter. Moneta Group Investment Advisors LLC increased its holdings in Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company's stock valued at $1,100,544,000 after purchasing an additional 14,149,287 shares in the last quarter. Norges Bank bought a new position in Medtronic in the 4th quarter valued at $1,062,316,000. Finally, Northern Trust Corp boosted its stake in Medtronic by 2.1% in the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company's stock worth $1,067,493,000 after purchasing an additional 285,819 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Trading Down 0.2 %

MDT traded down $0.17 during midday trading on Thursday, reaching $82.16. 5,241,239 shares of the company were exchanged, compared to its average volume of 6,288,415. The stock has a market capitalization of $109.09 billion, a P/E ratio of 26.17, a PEG ratio of 2.84 and a beta of 0.76. Medtronic plc has a one year low of $68.84 and a one year high of $92.02. The stock's 50-day simple moving average is $84.80 and its 200 day simple moving average is $80.97. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the company posted $1.30 EPS. Medtronic's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Thursday, March 21st. Medtronic's payout ratio is presently 87.90%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MDT. Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the company a "market perform" rating in a report on Wednesday, February 21st. Truist Financial raised their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Mizuho raised their price target on Medtronic from $95.00 to $98.00 and gave the company a "buy" rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $94.91.

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the company's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares of the company's stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sean Salmon sold 30,695 shares of the business's stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company's stock, valued at $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the firm's stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company's stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company's stock.

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.