Pictet Asset Management Holding SA Buys 62,853 Shares of Medtronic plc (NYSE:MDT)

Pictet Asset Management Holding SA raised its position in shares of Medtronic plc (NYSE:MDT) by 7.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 945,060 shares of the medical technology company’s stock after acquiring an additional 62,853 shares during the period. Pictet Asset Management Holding SA’s holdings in Medtronic were worth $75,491,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Medtronic in the fourth quarter worth $1,163,580,000. Caisse Des Depots ET Consignations purchased a new stake in shares of Medtronic in the 4th quarter worth about $4,874,000. AssuredPartners Investment Advisors LLC bought a new position in shares of Medtronic in the 4th quarter worth about $920,000. NEOS Investment Management LLC lifted its position in Medtronic by 12.2% during the 4th quarter. NEOS Investment Management LLC now owns 103,476 shares of the medical technology company’s stock valued at $8,266,000 after acquiring an additional 11,237 shares during the period. Finally, Moment Partners LLC bought a new stake in Medtronic during the fourth quarter worth about $288,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

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

Medtronic Price Performance

NYSE MDT opened at $87.62 on Friday. The stock has a market capitalization of $112.38 billion, a price-to-earnings ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. 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 business’s fifty day moving average price is $90.98 and its 200-day moving average price is $88.01.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.20%. Medtronic’s dividend payout ratio is currently 85.11%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MDT. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $96.07.

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.