Scotia Capital Inc. Sells 3,033 Shares of Medtronic plc (NYSE:MDT)

Scotia Capital Inc. decreased its holdings in Medtronic plc (NYSE:MDT - Free Report) by 0.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,050,930 shares of the medical technology company's stock after selling 3,033 shares during the quarter. Scotia Capital Inc. owned 0.08% of Medtronic worth $83,959,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new position in shares of Medtronic in the 4th quarter worth $1,163,580,000. Raymond James Financial Inc. purchased a new stake in shares of Medtronic during the 4th quarter valued at about $852,732,000. Beutel Goodman & Co Ltd. bought a new position in shares of Medtronic in the 4th quarter worth approximately $377,169,000. Van ECK Associates Corp boosted its holdings in shares of Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after buying an additional 2,476,935 shares during the last quarter. Finally, Invesco Ltd. grew its position in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after buying an additional 2,333,600 shares during the period. Institutional investors own 82.06% of the company's stock.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is currently owned by company insiders.

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Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group boosted their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Finally, Robert W. Baird increased their price objective 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. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $96.14.

Medtronic Price Performance

NYSE MDT traded up $0.62 during trading on Monday, hitting $83.52. 1,683,864 shares of the stock traded hands, compared to its average volume of 6,664,441. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The firm has a 50-day simple moving average of $89.71 and a 200-day simple moving average of $87.63. The company has a market capitalization of $107.12 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's payout ratio is 85.11%.

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.