Charles Schwab Investment Management Inc. Boosts Stake in Medtronic plc (NYSE:MDT)

Charles Schwab Investment Management Inc. raised its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,089,400 shares of the medical technology company's stock after buying an additional 101,111 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.83% of Medtronic worth $893,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Loudon Investment Management LLC raised its position in shares of Medtronic by 9.5% during the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company's stock valued at $786,000 after buying an additional 874 shares in the last quarter. BKM Wealth Management LLC purchased a new position in Medtronic during the 4th quarter valued at $941,000. International Assets Investment Management LLC lifted its position in shares of Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company's stock worth $85,558,000 after purchasing an additional 1,026,274 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Medtronic by 69.3% during the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company's stock valued at $3,172,000 after purchasing an additional 16,574 shares during the period. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Medtronic by 109,325.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company's stock worth $7,572,000 after purchasing an additional 91,833 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Buying and Selling

In other news, EVP Michael Marinaro sold 854 shares of the business's stock in a transaction dated 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 sale, the executive vice president now owns 27,925 shares of the company's stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business's stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Sean Salmon sold 30,695 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

MDT has been the subject of a number of research reports. Royal Bank of Canada reiterated a "sector perform" rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Mizuho increased their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a "buy" rating in a report on Wednesday, February 21st. Oppenheimer upped their target price on Medtronic from $89.00 to $92.00 and gave the stock a "market perform" rating in a report on Wednesday, February 21st. Finally, Truist Financial raised their price objective on Medtronic from $87.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Medtronic has a consensus rating of "Hold" and a consensus target price of $94.91.

Medtronic Stock Performance

Shares of MDT stock traded down $0.34 during trading hours on Wednesday, hitting $81.56. The company's stock had a trading volume of 4,175,553 shares, compared to its average volume of 6,162,365. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $83.01 and a 200 day moving average of $81.69. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00. The stock has a market cap of $108.29 billion, a PE ratio of 26.01, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.38%. Medtronic's dividend payout ratio is currently 87.90%.

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.