Granite Springs Asset Management LLC acquired a new stake in shares of Medtronic plc. (NYSE:MDT) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,420 shares of the medical technology company’s stock, valued at approximately $276,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its stake in shares of Medtronic by 21.5% during the second quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock valued at $114,000 after purchasing an additional 290 shares in the last quarter. Blue Chip Partners Inc. bought a new position in shares of Medtronic during the third quarter valued at approximately $118,000. Barrett Asset Management LLC boosted its stake in shares of Medtronic by 856.0% during the fourth quarter. Barrett Asset Management LLC now owns 1,826 shares of the medical technology company’s stock valued at $147,000 after purchasing an additional 1,635 shares in the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Medtronic during the second quarter valued at approximately $151,000. Finally, SevenBridge Financial Group LLC boosted its stake in shares of Medtronic by 76.2% during the third quarter. SevenBridge Financial Group LLC now owns 2,197 shares of the medical technology company’s stock valued at $171,000 after purchasing an additional 950 shares in the last quarter. Hedge funds and other institutional investors own 80.79% of the company’s stock.
Medtronic plc. (NYSE:MDT) traded down $0.74 during midday trading on Friday, hitting $81.29. 9,385,764 shares of the company’s stock were exchanged, compared to its average volume of 5,580,479. The stock has a market capitalization of $111,181.25, a PE ratio of 40.04, a P/E/G ratio of 2.33 and a beta of 0.97. Medtronic plc. has a fifty-two week low of $76.51 and a fifty-two week high of $89.72. The company has a current ratio of 2.43, a quick ratio of 2.09 and a debt-to-equity ratio of 0.51.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.01. The business had revenue of $7.37 billion during the quarter, compared to analysts’ expectations of $7.20 billion. Medtronic had a net margin of 9.44% and a return on equity of 12.65%. The business’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $1.12 earnings per share. sell-side analysts forecast that Medtronic plc. will post 4.75 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 23rd will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, March 22nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.26%. Medtronic’s dividend payout ratio is currently 90.64%.
In related news, VP Richard Kuntz sold 78,526 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the completion of the transaction, the vice president now owns 149,761 shares of the company’s stock, valued at $12,910,895.81. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James T. Lenehan sold 1,306 shares of the firm’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $83.56, for a total transaction of $109,129.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,469 shares of company stock valued at $11,016,054. Corporate insiders own 0.31% of the company’s stock.
A number of research firms have recently issued reports on MDT. Oppenheimer set a $94.00 price objective on shares of Medtronic and gave the company a “buy” rating in a research note on Friday, January 19th. Morgan Stanley increased their price objective on shares of Medtronic from $91.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, February 5th. Stifel Nicolaus increased their price objective on shares of Medtronic from $83.00 to $85.00 and gave the company a “hold” rating in a research note on Wednesday, November 22nd. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a research note on Thursday, November 23rd. Finally, Jefferies Group restated a “buy” rating and issued a $99.00 target price on shares of Medtronic in a research note on Thursday, November 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $91.50.
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Medtronic Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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