Medtronic plc (NYSE:MDT) Shares Bought by Alerus Financial NA

Alerus Financial NA grew its holdings in Medtronic plc (NYSE:MDT) by 637.3% during the 4th quarter, Holdings Channel reports. The fund owned 33,960 shares of the medical technology company’s stock after purchasing an additional 29,354 shares during the period. Alerus Financial NA’s holdings in Medtronic were worth $2,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Medtronic during the fourth quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new stake in Medtronic during the fourth quarter worth $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares during the period. Van ECK Associates Corp increased its holdings in Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Finally, Boston Partners raised its position in shares of Medtronic by 117.4% in the fourth quarter. Boston Partners now owns 3,102,605 shares of the medical technology company’s stock worth $248,311,000 after acquiring an additional 1,675,588 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Up 0.9 %

Shares of NYSE MDT opened at $89.00 on Friday. The company has a market capitalization of $114.14 billion, a P/E ratio of 27.05, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a 50 day simple moving average of $91.00 and a 200-day simple moving average of $88.05. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MDT. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $96.07.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.20% of the company’s stock.

Medtronic 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.