Sector Gamma AS Acquires 107,172 Shares of Medtronic plc (NYSE:MDT)

Sector Gamma AS raised its holdings in shares of Medtronic plc (NYSE:MDT) by 32.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 435,075 shares of the medical technology company’s stock after purchasing an additional 107,172 shares during the period. Medtronic accounts for approximately 8.7% of Sector Gamma AS’s investment portfolio, making the stock its biggest holding. Sector Gamma AS’s holdings in Medtronic were worth $35,841,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in MDT. Hartford Financial Management Inc. grew its holdings in shares of Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after buying an additional 255 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. grew its holdings in shares of Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after buying an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. grew its holdings in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the last quarter. Finally, Princeton Global Asset Management LLC purchased a new stake in shares of Medtronic during the third quarter valued at $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MDT. Mizuho boosted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Truist Financial upped their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Finally, Oppenheimer upped their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $94.91.

Medtronic Price Performance

Shares of MDT stock traded up $0.49 during mid-day trading on Friday, hitting $79.74. 5,024,880 shares of the stock were exchanged, compared to its average volume of 5,781,218. The firm has a fifty day moving average of $83.53 and a 200 day moving average of $81.16. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The company has a market cap of $105.88 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same period in the prior year, the company posted $1.30 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Research analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.46%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Company 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.