Mainstream Capital Management LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Mainstream Capital Management LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 329 shares of the medical technology company’s stock, valued at approximately $26,000.

A number of other large investors have also recently modified their holdings of the business. Commerzbank Aktiengesellschaft FI grew its stake in Medtronic by 99.8% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 22,072 shares of the medical technology company’s stock worth $1,758,000 after buying an additional 11,023 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Medtronic by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,002,051 shares of the medical technology company’s stock worth $639,204,000 after acquiring an additional 134,647 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in Medtronic by 10.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 228,560 shares of the medical technology company’s stock worth $18,257,000 after acquiring an additional 21,244 shares in the last quarter. Schechter Investment Advisors LLC increased its stake in Medtronic by 48.0% in the fourth quarter. Schechter Investment Advisors LLC now owns 6,942 shares of the medical technology company’s stock valued at $555,000 after acquiring an additional 2,252 shares during the last quarter. Finally, Meridian Wealth Management LLC increased its stake in Medtronic by 3.7% in the fourth quarter. Meridian Wealth Management LLC now owns 7,816 shares of the medical technology company’s stock valued at $624,000 after acquiring an additional 277 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MDT shares. Sanford C. Bernstein lifted their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Barclays boosted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $96.07.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $93.09 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $87.57 and a 200-day moving average price of $87.63. The company has a market cap of $119.40 billion, a price-to-earnings ratio of 28.30, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $95.57.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. As a group, equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

Medtronic 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.