Corbyn Investment Management Inc. MD Sells 718 Shares of Medtronic plc (NYSE:MDT)

Corbyn Investment Management Inc. MD decreased its position in Medtronic plc (NYSE:MDT) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,507 shares of the medical technology company’s stock after selling 718 shares during the period. Medtronic accounts for 2.9% of Corbyn Investment Management Inc. MD’s portfolio, making the stock its 15th largest position. Corbyn Investment Management Inc. MD’s holdings in Medtronic were worth $6,736,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MDT. Coho Partners Ltd. acquired a new stake in Medtronic in the 3rd quarter valued at approximately $124,511,000. BlackRock Inc. raised its position in Medtronic by 0.9% in the 3rd quarter. BlackRock Inc. now owns 112,167,184 shares of the medical technology company’s stock valued at $11,656,415,000 after buying an additional 957,298 shares during the last quarter. Nuveen Asset Management LLC raised its position in Medtronic by 14.3% in the 3rd quarter. Nuveen Asset Management LLC now owns 7,627,002 shares of the medical technology company’s stock valued at $792,599,000 after buying an additional 955,250 shares during the last quarter. Alliancebernstein L.P. raised its position in Medtronic by 8.4% in the 4th quarter. Alliancebernstein L.P. now owns 9,662,287 shares of the medical technology company’s stock valued at $1,131,840,000 after buying an additional 746,294 shares during the last quarter. Finally, Polar Capital LLP raised its position in Medtronic by 159.2% in the 3rd quarter. Polar Capital LLP now owns 1,169,376 shares of the medical technology company’s stock valued at $121,522,000 after buying an additional 718,244 shares during the last quarter. Institutional investors and hedge funds own 79.17% of the company’s stock.

MDT has been the topic of a number of recent research reports. Truist lifted their target price on Medtronic to $128.00 and gave the company a “buy” rating in a research report on Wednesday, November 25th. Oppenheimer raised their price target on Medtronic from $122.00 to $128.00 and gave the company an “outperform” rating in a research note on Wednesday, November 25th. Piper Sandler raised their price target on Medtronic from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, November 24th. Wells Fargo & Company raised their price target on Medtronic from $118.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, November 18th. Finally, Morgan Stanley upgraded Medtronic from an “equal weight” rating to an “overweight” rating and set a $140.00 price target for the company in a research note on Tuesday, December 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $120.93.

NYSE:MDT traded up $3.17 during mid-day trading on Tuesday, hitting $118.92. 46,884 shares of the stock were exchanged, compared to its average volume of 4,571,249. The stock has a market capitalization of $160.07 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 3.65 and a beta of 0.70. The firm’s 50-day simple moving average is $116.82 and its 200 day simple moving average is $110.18. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.79 and a current ratio of 2.16. Medtronic plc has a fifty-two week low of $72.13 and a fifty-two week high of $120.53.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.14. The business had revenue of $7.78 billion during the quarter, compared to analysts’ expectations of $7.77 billion. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the firm posted $1.44 EPS. On average, analysts predict that Medtronic plc will post 4.21 EPS for the current fiscal year.

In other Medtronic news, SVP Carol A. Surface sold 15,000 shares of Medtronic stock in a transaction on Monday, December 28th. The stock was sold at an average price of $114.90, for a total value of $1,723,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert John White sold 10,930 shares of Medtronic stock in a transaction on Friday, December 18th. The shares were sold at an average price of $115.46, for a total value of $1,261,977.80. Following the completion of the transaction, the executive vice president now directly owns 55,852 shares of the company’s stock, valued at $6,448,671.92. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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