Diversify Wealth Management LLC raised its stake in Medtronic plc (NYSE:MDT - Free Report) by 48.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,804 shares of the medical technology company's stock after buying an additional 14,934 shares during the period. Diversify Wealth Management LLC's holdings in Medtronic were worth $3,695,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Fortitude Family Office LLC purchased a new stake in Medtronic during the third quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the 3rd quarter valued at about $27,000. J. Stern & Co. LLP bought a new stake in Medtronic in the 3rd quarter worth approximately $30,000. Finally, Chelsea Counsel Co. bought a new stake in Medtronic in the 3rd quarter worth approximately $45,000. Hedge funds and other institutional investors own 82.06% of the company's stock.
Insider Activity
In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company's stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of research analysts have commented on MDT shares. Citigroup increased their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their target price on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a report on Friday, November 15th. Robert W. Baird decreased their target price on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 20th. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, November 20th. Finally, Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $95.00.
Read Our Latest Report on Medtronic
Medtronic Trading Up 1.2 %
MDT stock traded up $1.07 on Monday, reaching $88.23. The company's stock had a trading volume of 9,577,939 shares, compared to its average volume of 5,401,241. The firm has a market cap of $113.13 billion, a PE ratio of 26.98, a PEG ratio of 2.28 and a beta of 0.83. The business has a fifty day simple moving average of $83.64 and a two-hundred day simple moving average of $85.21. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.
Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. During the same period last year, the company posted $1.25 EPS. The company's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, research analysts forecast that Medtronic plc will post 5.45 EPS for the current year.
Medtronic Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic's dividend payout ratio is currently 85.63%.
Medtronic 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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