Raymond James Financial Inc. Makes New $852.73 Million Investment in Medtronic plc (NYSE:MDT)

Raymond James Financial Inc. acquired a new position in shares of Medtronic plc (NYSE:MDT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,675,167 shares of the medical technology company's stock, valued at approximately $852,732,000. Raymond James Financial Inc. owned 0.83% of Medtronic as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Darwin Wealth Management LLC purchased a new stake in Medtronic during the third quarter worth approximately $27,000. Mainstream Capital Management LLC purchased a new position in shares of Medtronic in the fourth quarter valued at $26,000. J. Stern & Co. LLP purchased a new position in shares of Medtronic in the third quarter valued at $30,000. Stephens Consulting LLC boosted its stake in shares of 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 period. Finally, Fiduciary Advisors Inc. purchased a new position in shares of Medtronic in the fourth quarter valued at $36,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 1.2 %

Shares of NYSE:MDT opened at $94.15 on Thursday. The stock has a market capitalization of $120.75 billion, a price-to-earnings ratio of 28.62, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $95.57. The company's fifty day moving average is $87.82 and its two-hundred day moving average is $87.68. 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 issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 9,850 shares of the 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 sale, the executive vice president now owns 40,708 shares of the company's stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MDT shares. Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and upped their target price for the company from $92.00 to $107.00 in a research note on Tuesday. Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. decreased their target price on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research note on Friday, November 15th. Finally, Wells Fargo & Company decreased their target price on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average 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.

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