CenterBook Partners LP Boosts Stake in Medtronic plc (NYSE:MDT)

CenterBook Partners LP grew its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 86.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,344 shares of the medical technology company's stock after purchasing an additional 7,577 shares during the period. CenterBook Partners LP's holdings in Medtronic were worth $1,306,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in Medtronic during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. increased its holdings in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the period. Stephens Consulting LLC raised its position in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. Fiduciary Advisors Inc. acquired a new position in shares of Medtronic during the fourth quarter worth about $36,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic during the third quarter worth approximately $45,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $1.18 during trading on Tuesday, reaching $83.04. The company had a trading volume of 1,307,282 shares, compared to its average volume of 7,815,473. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock's fifty day moving average price is $89.56 and its 200 day moving average price is $87.60. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a market capitalization of $106.50 billion, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

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Medtronic (NYSE:MDT - Get Free Report) last released its earnings results 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 net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. As a group, equities research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.37%. Medtronic's payout ratio is currently 85.11%.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares of the company's stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.20% of the company's stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent analyst reports. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and increased their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $96.14.

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.