OLD National Bancorp IN Sells 2,528 Shares of Medtronic plc (NYSE:MDT)

OLD National Bancorp IN cut its stake in Medtronic plc (NYSE:MDT) by 20.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,788 shares of the medical technology company’s stock after selling 2,528 shares during the period. OLD National Bancorp IN’s holdings in Medtronic were worth $806,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Morgan Stanley raised its stake in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Medtronic by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock valued at $1,597,954,000 after buying an additional 508,205 shares in the last quarter. Northern Trust Corp raised its stake in shares of Medtronic by 2.1% in the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after buying an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Medtronic by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock valued at $843,979,000 after buying an additional 79,660 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Medtronic by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after buying an additional 649,367 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MDT. Truist Financial increased their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Mizuho lifted their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Finally, Oppenheimer lifted their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.91.

Insider Transactions at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Medtronic Trading Up 0.9 %

Shares of NYSE MDT opened at $81.28 on Wednesday. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The company has a market cap of $107.93 billion, a PE ratio of 25.89, a P/E/G ratio of 2.76 and a beta of 0.76. 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 $83.80 and a two-hundred day moving average of $81.14.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $7.95 billion. During the same period in the previous year, the firm posted $1.30 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. As a group, equities analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

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.