NewEdge Advisors LLC Purchases 28,672 Shares of Medtronic plc (NYSE:MDT)

NewEdge Advisors LLC raised its position in Medtronic plc (NYSE:MDT - Free Report) by 16.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 198,656 shares of the medical technology company's stock after acquiring an additional 28,672 shares during the quarter. NewEdge Advisors LLC's holdings in Medtronic were worth $15,869,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Mainstream Capital Management LLC bought a new position in Medtronic during the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. increased its stake in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the period. Stephens Consulting LLC raised its holdings in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 204 shares in the last quarter. Fiduciary Advisors Inc. purchased a new stake in Medtronic in the fourth quarter worth $36,000. Finally, Chelsea Counsel Co. bought a new stake in Medtronic in the third quarter valued at $45,000. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Robert W. Baird upped 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. Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. 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 given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has an average rating of "Hold" and an average price target of $96.14.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now owns 40,979 shares in the company, 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 can be accessed through the SEC website. Company insiders own 0.20% of the company's stock.

Medtronic Stock Up 1.4 %

Shares of NYSE:MDT traded up $1.17 during trading on Tuesday, reaching $82.97. 987,025 shares of the stock traded hands, compared to its average volume of 7,715,186. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The stock has a market cap of $106.41 billion, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The stock has a 50-day moving average of $88.72 and a two-hundred day moving average of $87.37. 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 (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts' consensus estimates 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, sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's payout ratio is presently 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.