Pzena Investment Management LLC Cuts Position in Medtronic PLC $MDT

Pzena Investment Management LLC lessened its position in shares of Medtronic PLC (NYSE:MDT) by 45.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,218,852 shares of the medical technology company’s stock after selling 2,709,234 shares during the quarter. Pzena Investment Management LLC’s holdings in Medtronic were worth $309,203,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MDT. Lodestone Wealth Management LLC purchased a new position in shares of Medtronic in the 4th quarter worth approximately $27,000. Anfield Capital Management LLC boosted its holdings in shares of Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 230 shares during the period. Valley Wealth Managers Inc. purchased a new position in shares of Medtronic in the 3rd quarter worth approximately $29,000. Board of the Pension Protection Fund purchased a new position in shares of Medtronic in the 4th quarter worth approximately $29,000. Finally, GoalVest Advisory LLC purchased a new position in shares of Medtronic in the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Leerink Partners reiterated an “outperform” rating and issued a $119.00 target price on shares of Medtronic in a report on Tuesday, March 10th. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. CICC Research assumed coverage on Medtronic in a report on Friday, January 30th. They issued an “outperform” rating for the company. Needham & Company LLC reiterated a “buy” rating and issued a $120.00 target price on shares of Medtronic in a report on Thursday, March 26th. Finally, Wells Fargo & Company assumed coverage on Medtronic in a report on Friday, January 30th. They issued an “overweight” rating and a $114.00 target price for the company. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and an average price target of $106.45.

More Medtronic News

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic said the SPR Therapeutics purchase will strengthen its neuromodulation portfolio by adding temporary peripheral nerve stimulation technology for chronic pain, a move that could support longer-term growth and broaden its treatment offerings. PR Newswire article
• Positive Sentiment: Reuters reported that the deal expands Medtronic’s portfolio of treatments for chronic pain, reinforcing the company’s strategy to grow in higher-value medical device categories. Reuters article
• Neutral Sentiment: Piper Sandler maintained its Hold rating on Medtronic, suggesting analysts are not yet signaling a major re-rating from the news. The Globe and Mail article
• Neutral Sentiment: Healthcare stocks were mixed in afternoon trading, so broader sector movement does not appear to be the main driver of Medtronic’s move. Yahoo Finance sector update
• Negative Sentiment: Some market commentary framed the SPR deal as a reason for MDT’s stock to slide, likely reflecting concern about acquisition costs and execution risk. Blockonomi article

Medtronic Price Performance

MDT opened at $78.11 on Friday. The business has a fifty day moving average of $83.71 and a 200 day moving average of $93.25. Medtronic PLC has a 52-week low of $74.40 and a 52-week high of $106.33. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The stock has a market cap of $100.29 billion, a P/E ratio of 21.76, a PEG ratio of 1.86 and a beta of 0.62.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 17th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.The company had revenue of $9.02 billion during the quarter, compared to analysts’ expectations of $8.89 billion. During the same quarter in the previous year, the business earned $1.38 EPS. Medtronic’s revenue was up 5.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.56 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Friday, March 27th. Medtronic’s dividend payout ratio is currently 79.11%.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).