Quantbot Technologies LP Invests $2.24 Million in Medtronic plc (NYSE:MDT)

Quantbot Technologies LP acquired a new position in shares of Medtronic plc (NYSE:MDT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 28,014 shares of the medical technology company's stock, valued at approximately $2,238,000.

Several other institutional investors have also modified their holdings of the stock. Millstone Evans Group LLC acquired a new position in Medtronic in the fourth quarter valued at $302,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $522,000. Adams Diversified Equity Fund Inc. acquired a new position in shares of Medtronic in the 4th quarter valued at $15,409,000. Kiker Wealth Management LLC purchased a new stake in Medtronic in the 4th quarter valued at $530,000. Finally, AllSquare Wealth Management LLC boosted its stake in Medtronic by 24.6% during the 4th quarter. AllSquare Wealth Management LLC now owns 6,084 shares of the medical technology company's stock worth $486,000 after purchasing an additional 1,200 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. UBS Group boosted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Barclays raised their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. Finally, Robert W. Baird increased their target price on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $96.07.

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Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Medtronic Trading Down 2.7 %

Shares of MDT traded down $2.41 during mid-day trading on Tuesday, hitting $87.72. The company had a trading volume of 4,755,597 shares, compared to its average volume of 6,102,713. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The business's 50-day simple moving average is $90.84 and its 200-day simple moving average is $88.05. The stock has a market cap of $112.50 billion, a PE ratio of 26.69, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's payout ratio is currently 85.11%.

About Medtronic

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.