Belpointe Asset Management LLC purchased a new position in shares of Medtronic plc. (NYSE:MDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,837 shares of the medical technology company’s stock, valued at approximately $633,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. M Holdings Securities Inc. grew its position in shares of Medtronic by 30.8% in the fourth quarter. M Holdings Securities Inc. now owns 12,684 shares of the medical technology company’s stock valued at $2,741,000 after purchasing an additional 2,990 shares during the last quarter. Zeke Capital Advisors LLC grew its position in shares of Medtronic by 49.2% in the fourth quarter. Zeke Capital Advisors LLC now owns 66,566 shares of the medical technology company’s stock valued at $5,375,000 after purchasing an additional 21,950 shares during the last quarter. Biltmore Family Office LLC acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $761,000. LPL Financial LLC grew its position in shares of Medtronic by 3.3% in the fourth quarter. LPL Financial LLC now owns 173,938 shares of the medical technology company’s stock valued at $14,045,000 after purchasing an additional 5,537 shares during the last quarter. Finally, Meadow Creek Investment Management LLC boosted its stake in shares of Medtronic by 49.6% in the fourth quarter. Meadow Creek Investment Management LLC now owns 32,172 shares of the medical technology company’s stock valued at $2,598,000 after buying an additional 10,668 shares during the period. 81.22% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Carol A. Surface sold 24,479 shares of the firm’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $78.18, for a total value of $1,913,768.22. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Richard Kuntz sold 78,526 shares of the firm’s stock in a transaction dated 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 directly owns 149,761 shares in the company, valued at approximately $12,910,895.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,311 shares of company stock valued at $8,792,624. 0.31% of the stock is currently owned by company insiders.
Several equities research analysts recently issued reports on the company. Morgan Stanley cut their price target on Medtronic from $95.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, March 29th. Oppenheimer reiterated a “buy” rating on shares of Medtronic in a research note on Tuesday, March 20th. Citigroup restated a “buy” rating and set a $93.00 target price (down from $100.00) on shares of Medtronic in a research note on Thursday, February 22nd. TheStreet cut Medtronic from a “b” rating to a “c+” rating in a research note on Tuesday, February 20th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $91.24.
Medtronic stock traded down $2.06 during trading hours on Friday, reaching $77.64. 5,185,961 shares of the company’s stock were exchanged, compared to its average volume of 4,901,567. 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 plc. has a twelve month low of $76.41 and a twelve month high of $89.72. The company has a market cap of $105,231.16, a P/E ratio of 16.88, a PEG ratio of 2.18 and a beta of 0.94.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.01. The firm had revenue of $7.37 billion during the quarter, compared to the consensus estimate of $7.20 billion. Medtronic had a return on equity of 12.65% and a net margin of 9.44%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $1.12 EPS. equities research analysts forecast that Medtronic plc. will post 4.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 23rd will be paid a $0.46 dividend. The ex-dividend date of this dividend is Thursday, March 22nd. This represents a $1.84 annualized dividend and a dividend yield of 2.37%. Medtronic’s dividend payout ratio is presently 40.00%.
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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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