Potentia Wealth Makes New Investment in Medtronic plc (NYSE:MDT)

Potentia Wealth purchased a new stake in Medtronic plc (NYSE:MDT - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 7,469 shares of the medical technology company's stock, valued at approximately $597,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Copley Financial Group Inc. bought a new stake in shares of Medtronic in the third quarter worth about $694,000. Franklin Street Advisors Inc. NC increased its stake in Medtronic by 32.6% during the 4th 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 in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock worth $6,626,000 after buying an additional 56,178 shares during the period. Olstein Capital Management L.P. lifted its stake in Medtronic by 8.0% in the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock valued at $7,509,000 after buying an additional 7,000 shares in the last quarter. Finally, Czech National Bank boosted its holdings in shares of Medtronic by 6.4% in the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock valued at $22,212,000 after buying an additional 16,786 shares during the period. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Medtronic stock traded down $1.63 during midday trading on Tuesday, reaching $88.50. 8,819,534 shares of the company's stock were exchanged, compared to its average volume of 6,105,209. The stock's 50-day simple moving average is $90.90 and its 200 day simple moving average is $88.04. The firm has a market cap of $113.51 billion, a price-to-earnings ratio of 26.90, a P/E/G ratio of 2.22 and a beta of 0.80. 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.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, March 28th. Medtronic's payout ratio is presently 85.11%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was 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 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 Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird lifted their price target on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating 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 lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. One equities 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 data from MarketBeat.com, Medtronic has a consensus rating of "Hold" and a consensus target price of $96.07.

Medtronic 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.