Bryce Point Capital LLC bought a new stake in Medtronic plc (NYSE:MDT - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 6,134 shares of the medical technology company's stock, valued at approximately $490,000.
A number of other hedge funds also recently made changes to their positions in MDT. Norges Bank acquired a new stake in shares of Medtronic during the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic during the fourth quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $377,169,000. Van ECK Associates Corp grew its holdings in Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Finally, Boston Partners increased its position in Medtronic by 117.4% during the 4th quarter. Boston Partners now owns 3,102,605 shares of the medical technology company's stock worth $248,311,000 after buying an additional 1,675,588 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and upped their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has an average rating of "Hold" and an average price target of $96.07.
Get Our Latest Research Report on Medtronic
Medtronic Price Performance
Medtronic stock traded up $0.08 during midday trading on Monday, reaching $82.96. The company's stock had a trading volume of 4,013,513 shares, compared to its average volume of 6,600,938. The stock has a market cap of $106.40 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average price of $90.87 and a 200-day moving average price of $87.93. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. On average, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current year.
Medtronic Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given 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 dividend yield of 3.38%. Medtronic's dividend payout ratio (DPR) is 85.11%.
Insiders Place Their Bets
In other news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company's stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.20% of the company's stock.
Medtronic Company Profile
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Free Report)
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.
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