Medtronic plc (NYSE:MDT) Shares Purchased by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. boosted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 97.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,934 shares of the medical technology company's stock after acquiring an additional 12,297 shares during the period. Meridian Investment Counsel Inc.'s holdings in Medtronic were worth $1,992,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Mainstream Capital Management LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $26,000. Stephens Consulting LLC increased its position in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after buying an additional 204 shares in the last quarter. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic in the fourth quarter valued at $36,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at $40,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 1.5 %

Medtronic stock traded down $1.38 during trading on Tuesday, reaching $88.48. 7,059,371 shares of the company's stock were exchanged, compared to its average volume of 6,577,190. The company's 50-day moving average is $91.02 and its two-hundred day moving average is $87.99. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The firm has a market cap of $113.48 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 2.22 and a beta of 0.80.

Remove Ads

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio (DPR) is 85.11%.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company's stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. Robert W. Baird lifted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $96.07.

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.