Allspring Global Investments Holdings LLC Has $77.36 Million Position in Medtronic plc (NYSE:MDT)

Allspring Global Investments Holdings LLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 14.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 887,610 shares of the medical technology company’s stock after acquiring an additional 113,125 shares during the period. Allspring Global Investments Holdings LLC owned 0.07% of Medtronic worth $77,355,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Boyar Asset Management Inc. grew its holdings in shares of Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 120 shares during the last quarter. Marino Stram & Associates LLC grew its holdings in shares of Medtronic by 1.8% in the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after purchasing an additional 126 shares during the last quarter. Angeles Investment Advisors LLC grew its holdings in shares of Medtronic by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after purchasing an additional 128 shares during the last quarter. Rogco LP grew its holdings in shares of Medtronic by 1.9% in the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock worth $561,000 after purchasing an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. grew its holdings in shares of Medtronic by 4.3% in the fourth quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock worth $263,000 after purchasing an additional 132 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this link. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly 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 company insiders.

Medtronic Stock Down 0.4 %

Shares of MDT stock traded down $0.33 during mid-day trading on Tuesday, reaching $76.79. 988,624 shares of the company’s stock traded hands, compared to its average volume of 6,297,677. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The company has a market cap of $98.47 billion, a P/E ratio of 28.04, a P/E/G ratio of 2.29 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The company’s 50-day moving average price is $81.85 and its 200-day moving average price is $83.53.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.57 EPS. On average, equities analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.65%. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MDT shares. Truist Financial cut their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Wells Fargo & Company raised their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. UBS Group lifted their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, 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, June 5th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $91.70.

Medtronic Company Profile

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.