KLCM Advisors Inc. Has $18.07 Million Position in Medtronic plc (NYSE:MDT)

KLCM Advisors Inc. boosted its position in shares of Medtronic plc (NYSE:MDT) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 219,285 shares of the medical technology company’s stock after buying an additional 7,412 shares during the period. Medtronic makes up about 2.8% of KLCM Advisors Inc.’s portfolio, making the stock its 9th biggest holding. KLCM Advisors Inc.’s holdings in Medtronic were worth $18,065,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Moneta Group Investment Advisors LLC lifted its stake in shares of Medtronic by 127,655.1% in 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 during the last quarter. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $1,062,316,000. Bank of New York Mellon Corp lifted its stake in shares of Medtronic by 33.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after purchasing an additional 4,816,172 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Medtronic by 112.8% in the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after buying an additional 3,037,394 shares during the period. Finally, Morgan Stanley raised its holdings in shares of Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after buying an additional 1,994,123 shares during the period. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Oppenheimer increased their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Truist Financial raised their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. 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. Finally, Mizuho lifted 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 research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $94.91.

Medtronic Stock Performance

Shares of Medtronic stock traded down $0.98 on Wednesday, reaching $79.25. 7,674,490 shares of the stock were exchanged, compared to its average volume of 5,758,655. The business has a 50 day moving average price of $84.35 and a two-hundred day moving average price of $81.02. The firm has a market capitalization of $105.23 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 2.74 and a beta of 0.76. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. The business had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.30 EPS. Analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.48%. Medtronic’s dividend payout ratio is presently 87.90%.

Insider Activity at Medtronic

In related 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 transaction of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now 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. 0.30% of the stock is currently owned by insiders.

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.