Cidel Asset Management Inc. bought a new position in shares of Medtronic PLC (NYSE:MDT) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 173,892 shares of the medical technology company’s stock, valued at approximately $17,104,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Schwab Charles Investment Management Inc. increased its position in Medtronic by 4.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 5,029,344 shares of the medical technology company’s stock worth $406,120,000 after purchasing an additional 227,449 shares during the period. Acadian Asset Management LLC increased its position in Medtronic by 369.5% during the 4th quarter. Acadian Asset Management LLC now owns 9,165 shares of the medical technology company’s stock worth $740,000 after purchasing an additional 7,213 shares during the period. Personal Capital Advisors Corp acquired a new position in Medtronic during the 4th quarter worth approximately $206,000. Patten & Patten Inc. TN acquired a new position in Medtronic during the 4th quarter worth approximately $259,000. Finally, Augustine Asset Management Inc. increased its position in Medtronic by 3.0% during the 4th quarter. Augustine Asset Management Inc. now owns 46,034 shares of the medical technology company’s stock worth $3,717,000 after purchasing an additional 1,348 shares during the period. Institutional investors own 80.37% of the company’s stock.
In related news, Director James T. Lenehan sold 1,306 shares of the company’s stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $83.56, for a total value of $109,129.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Carol A. Surface sold 24,479 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $78.18, for a total value of $1,913,768.22. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.
MDT stock opened at $84.97 on Wednesday. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $89.72. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.09 and a current ratio of 2.43. The company has a market capitalization of $114.72 billion, a P/E ratio of 18.47, a P/E/G ratio of 2.32 and a beta of 0.94.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.01. Medtronic had a return on equity of 12.65% and a net margin of 9.44%. The firm had revenue of $7.37 billion for the quarter, compared to analyst estimates of $7.20 billion. During the same quarter in the prior year, the company earned $1.12 EPS. Medtronic’s revenue was up 1.2% on a year-over-year basis. analysts expect that Medtronic PLC will post 4.74 earnings per share for the current year.
MDT has been the topic of several research analyst reports. Morgan Stanley decreased their price target on Medtronic from $95.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 29th. Oppenheimer reissued a “buy” rating and set a $94.00 price target on shares of Medtronic in a research note on Tuesday, February 20th. Royal Bank of Canada reissued an “outperform” rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 14th. TheStreet lowered Medtronic from a “b” rating to a “c+” rating in a research note on Tuesday, February 20th. Finally, Citigroup reissued a “buy” rating and set a $93.00 price target (down previously from $100.00) on shares of Medtronic in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $91.61.
Medtronic plc manufactures and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. The company's Cardiac and Vascular Group segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; diagnostics and monitoring devices; mechanical circulatory support, TYRX, and AF products; and remote monitoring and patient-centered software.
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