Beutel Goodman & Co Ltd. Invests $377.17 Million in Medtronic plc (NYSE:MDT)

Beutel Goodman & Co Ltd. bought a new stake in Medtronic plc (NYSE:MDT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,721,700 shares of the medical technology company's stock, valued at approximately $377,169,000. Medtronic accounts for approximately 2.1% of Beutel Goodman & Co Ltd.'s holdings, making the stock its 15th largest position. Beutel Goodman & Co Ltd. owned about 0.37% of Medtronic at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MDT. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic during the 4th quarter valued at about $26,000. Stephens Consulting LLC lifted its stake in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after purchasing an additional 204 shares during the period. Rakuten Securities Inc. boosted its holdings in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Fiduciary Advisors Inc. bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $36,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Medtronic in the 4th quarter worth approximately $40,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Down 1.0 %

NYSE:MDT traded down $0.93 during trading hours on Tuesday, hitting $88.93. The stock had a trading volume of 2,063,289 shares, compared to its average volume of 7,650,259. The business's 50 day moving average is $91.02 and its 200-day moving average is $87.99. The company has a market cap of $114.06 billion, a price-to-earnings ratio of 27.03, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

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Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.15%. Medtronic's payout ratio is 85.11%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company's stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

MDT has been the subject of several recent analyst reports. Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $96.07.

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.