Medtronic plc (NYSE:MDT) Position Increased by Empowered Funds LLC

Empowered Funds LLC lifted its position in Medtronic plc (NYSE:MDT) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,822 shares of the medical technology company’s stock after acquiring an additional 2,778 shares during the period. Empowered Funds LLC’s holdings in Medtronic were worth $8,453,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC acquired a new stake in shares of Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the 3rd quarter worth about $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic during the 3rd quarter worth about $27,000. Stephens Consulting LLC grew its stake in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares in the last quarter. Finally, J. Stern & Co. LLP acquired a new position in shares of Medtronic in the 3rd quarter valued at about $30,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $90.01 on Monday. The firm has a market capitalization of $115.42 billion, a PE ratio of 27.53, a PEG ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The firm’s fifty day simple moving average is $84.85 and its 200 day simple moving average is $86.43.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the business posted $1.25 earnings per share. The firm’s revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s payout ratio is 85.63%.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on MDT shares. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Wells Fargo & Company cut their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Robert W. Baird lowered their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $95.00.

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.