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Asset Dedication LLC increased its position in Medtronic plc (NYSE:MDT) by 2,867.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,650 shares of the medical technology company’s stock after purchasing an additional 3,527 shares during the quarter. Asset Dedication LLC’s holdings in Medtronic were worth $427,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Coho Partners Ltd. bought a new position in Medtronic during the 3rd quarter valued at approximately $124,511,000. BlackRock Inc. boosted its holdings in Medtronic by 0.9% in the third quarter. BlackRock Inc. now owns 112,167,184 shares of the medical technology company’s stock worth $11,656,415,000 after purchasing an additional 957,298 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Medtronic by 14.3% during the 3rd quarter. Nuveen Asset Management LLC now owns 7,627,002 shares of the medical technology company’s stock valued at $792,599,000 after purchasing an additional 955,250 shares during the last quarter. Polar Capital LLP raised its holdings in Medtronic by 159.2% in the 3rd quarter. Polar Capital LLP now owns 1,169,376 shares of the medical technology company’s stock worth $121,522,000 after purchasing an additional 718,244 shares during the period. Finally, Morgan Stanley raised its stake in Medtronic by 6.8% during the 3rd quarter. Morgan Stanley now owns 10,339,152 shares of the medical technology company’s stock worth $1,074,444,000 after acquiring an additional 659,510 shares during the period. Hedge funds and other institutional investors own 79.17% of the company’s stock.
In related news, SVP Carol A. Surface sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 28th. The stock was sold at an average price of $114.90, for a total value of $1,723,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert John White sold 10,930 shares of the stock in a transaction that occurred on Friday, December 18th. The shares were sold at an average price of $115.46, for a total transaction of $1,261,977.80. Following the completion of the transaction, the executive vice president now owns 55,852 shares in the company, valued at $6,448,671.92. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.
Several research firms recently issued reports on MDT. The Goldman Sachs Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $100.00 to $119.00 in a research report on Tuesday, December 15th. Wells Fargo & Company raised their target price on shares of Medtronic from $118.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, November 18th. Credit Suisse Group lifted their price objective on shares of Medtronic from $118.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 25th. Oppenheimer lifted their price target on Medtronic from $122.00 to $128.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 25th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price target on Medtronic from $120.00 to $128.00 in a report on Wednesday, November 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Medtronic has an average rating of “Buy” and an average price target of $120.93.
NYSE:MDT opened at $111.33 on Friday. Medtronic plc has a 52 week low of $72.13 and a 52 week high of $121.41. The stock’s fifty day moving average is $116.23 and its two-hundred day moving average is $107.84. The company has a market capitalization of $149.85 billion, a P/E ratio of 42.49, a P/E/G ratio of 3.65 and a beta of 0.70. The company has a quick ratio of 1.79, a current ratio of 2.16 and a debt-to-equity ratio of 0.52.
Medtronic (NYSE:MDT) last announced its quarterly earnings data on Monday, November 23rd. The medical technology company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.22. Medtronic had a net margin of 12.69% and a return on equity of 9.71%. The firm had revenue of $7.65 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the previous year, the business posted $0.45 earnings per share. Sell-side analysts anticipate that Medtronic plc will post 4.21 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 15th. Stockholders of record on Tuesday, December 22nd were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, December 18th. This represents a $2.32 annualized dividend and a dividend yield of 2.08%. Medtronic’s dividend payout ratio is currently 50.54%.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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