374,646 Shares in Medtronic plc (NYSE:MDT) Acquired by Madison Investment Advisors LLC

Madison Investment Advisors LLC bought a new stake in shares of Medtronic plc (NYSE:MDT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 374,646 shares of the medical technology company's stock, valued at approximately $29,927,000.

A number of other large investors have also recently modified their holdings of MDT. Guardian Wealth Management Inc. increased its stake in Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company's stock worth $1,182,000 after buying an additional 115 shares during the period. MONECO Advisors LLC boosted its holdings in shares of Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock valued at $512,000 after buying an additional 115 shares in the last quarter. First City Capital Management Inc. boosted its holdings in shares of Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company's stock valued at $371,000 after buying an additional 116 shares in the last quarter. Hardy Reed LLC boosted its stake in Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock worth $247,000 after purchasing an additional 116 shares in the last quarter. Finally, OLD Second National Bank of Aurora boosted its stake in Medtronic by 0.3% in the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company's stock worth $2,900,000 after purchasing an additional 121 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Remove Ads

Analysts Set New Price Targets

A number of research firms have issued reports on MDT. Robert W. Baird raised their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Barclays raised their price target 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. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $96.07.

Insider Activity

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

Medtronic Price Performance

MDT traded up $0.79 on Thursday, hitting $92.30. 6,737,549 shares of the company's stock were exchanged, compared to its average volume of 6,062,397. The firm has a 50-day moving average price of $89.36 and a 200-day moving average price of $87.94. 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 stock has a market cap of $118.38 billion, a price-to-earnings ratio of 28.05, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two 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 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared 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 is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.03%. Medtronic's payout ratio is 85.11%.

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.