InvesTrust Takes $337,000 Position in Medtronic plc (NYSE:MDT)

InvesTrust acquired a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,230 shares of the medical technology company’s stock, valued at approximately $337,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Diversified Trust Co lifted its holdings in shares of Medtronic by 1,160.9% during the fourth quarter. Diversified Trust Co now owns 78,753 shares of the medical technology company’s stock valued at $6,291,000 after purchasing an additional 72,507 shares in the last quarter. CWA Asset Management Group LLC lifted its stake in Medtronic by 24.0% during the 4th quarter. CWA Asset Management Group LLC now owns 5,752 shares of the medical technology company’s stock valued at $459,000 after acquiring an additional 1,113 shares during the period. Nordea Investment Management AB grew its stake in shares of Medtronic by 1.0% in the fourth quarter. Nordea Investment Management AB now owns 2,819,486 shares of the medical technology company’s stock worth $225,023,000 after acquiring an additional 27,695 shares during the period. Modus Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $55,000. Finally, Versant Capital Management Inc lifted its position in Medtronic by 15.4% during the fourth quarter. Versant Capital Management Inc now owns 1,788 shares of the medical technology company’s stock valued at $143,000 after purchasing an additional 238 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock traded up $3.28 during mid-day trading on Wednesday, hitting $83.15. The company had a trading volume of 6,912,246 shares, compared to its average volume of 6,574,590. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The stock’s 50 day moving average price is $84.46 and its 200-day moving average price is $84.92. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a market capitalization of $106.62 billion, a P/E ratio of 25.43, a P/E/G ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the firm earned $1.25 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Robert W. Baird lowered their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $95.00.

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.