Nexus Investment Management ULC Purchases 7,855 Shares of Medtronic plc (NYSE:MDT)

Nexus Investment Management ULC lifted its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 225,279 shares of the medical technology company's stock after purchasing an additional 7,855 shares during the quarter. Medtronic comprises about 1.8% of Nexus Investment Management ULC's investment portfolio, making the stock its 27th largest holding. Nexus Investment Management ULC's holdings in Medtronic were worth $17,995,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $694,000. Olstein Capital Management L.P. boosted its stake in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock worth $7,833,000 after acquiring an additional 14,000 shares in the last quarter. Franklin Street Advisors Inc. NC raised its position in shares of Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock worth $5,873,000 after purchasing an additional 18,057 shares during the period. Y Intercept Hong Kong Ltd boosted its position in shares of Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock valued at $6,626,000 after purchasing an additional 56,178 shares during the period. Finally, Czech National Bank increased its stake in Medtronic by 6.4% in the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock worth $22,212,000 after purchasing an additional 16,786 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

MDT traded up $1.07 during midday trading on Friday, reaching $88.23. 9,577,939 shares of the company's stock were exchanged, compared to its average volume of 5,401,241. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The firm has a market capitalization of $113.13 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83. The business has a 50-day simple moving average of $83.64 and a two-hundred day simple moving average of $85.16. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the previous year, the firm earned $1.25 EPS. Medtronic's quarterly revenue was up 5.2% on a year-over-year basis. As a group, research analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic's dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Finally, Robert W. Baird reduced their price objective on Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $95.00.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm'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 completion of the sale, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by company insiders.

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.