Sit Investment Associates Inc. Purchases 16,280 Shares of Medtronic plc (NYSE:MDT)

Sit Investment Associates Inc. lifted its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 39.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,510 shares of the medical technology company's stock after purchasing an additional 16,280 shares during the period. Sit Investment Associates Inc.'s holdings in Medtronic were worth $4,594,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Mainstream Capital Management LLC purchased a new position in Medtronic in the 4th quarter valued at about $26,000. Stephens Consulting LLC boosted its holdings in Medtronic by 145.7% in the fourth 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 during the last quarter. Rakuten Securities Inc. grew its stake in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Fiduciary Advisors Inc. purchased a new stake in Medtronic during the 4th quarter worth approximately $36,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MDT. Robert W. Baird raised their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Hold" and a consensus price target of $96.07.

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Medtronic Stock Up 4.3 %

Shares of MDT traded up $3.54 during mid-day trading on Wednesday, reaching $85.42. The company's stock had a trading volume of 11,980,488 shares, compared to its average volume of 6,662,947. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a market cap of $109.55 billion, a price-to-earnings ratio of 25.96, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The business has a fifty day moving average of $90.04 and a 200 day moving average of $87.74.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio is presently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by insiders.

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.