Corundum Group Inc. Purchases 8,237 Shares of Medtronic plc (NYSE:MDT)

Corundum Group Inc. boosted its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 105.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,027 shares of the medical technology company's stock after buying an additional 8,237 shares during the quarter. Corundum Group Inc.'s holdings in Medtronic were worth $1,280,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC acquired a new position in Medtronic in the third quarter valued at about $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the third quarter worth about $27,000. J. Stern & Co. LLP bought a new stake in Medtronic in the third quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. bought a new position in shares of Medtronic during the 3rd quarter worth approximately $45,000. 82.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the company's 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 in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Royal Bank of Canada upgraded shares of Medtronic from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Robert W. Baird dropped their price target on Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a report on Wednesday, November 20th. Finally, Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine 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, the company currently has an average rating of "Hold" and an average target price of $95.00.

Medtronic Price Performance

Shares of NYSE MDT traded up $1.07 during mid-day trading on Monday, reaching $88.23. 9,577,939 shares of the company were exchanged, compared to its average volume of 5,401,241. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $113.13 billion, a PE ratio of 26.98, a PEG ratio of 2.28 and a beta of 0.83. The company's 50 day moving average price is $83.64 and its 200 day moving average price is $85.21. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.27 billion. During the same period last year, the firm earned $1.25 earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Sell-side analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. Medtronic's dividend payout ratio is currently 85.63%.

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.