Synergy Asset Management LLC Has $19.35 Million Stake in Medtronic plc (NYSE:MDT)

Synergy Asset Management LLC boosted its position in Medtronic plc (NYSE:MDT - Free Report) by 107.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 227,802 shares of the medical technology company's stock after buying an additional 117,809 shares during the quarter. Medtronic makes up about 1.5% of Synergy Asset Management LLC's holdings, making the stock its 16th biggest position. Synergy Asset Management LLC's holdings in Medtronic were worth $19,353,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. JPMorgan Chase & Co. reduced their target price on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Monday, November 18th. Truist Financial cut 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. Robert W. Baird decreased their price objective on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating on the stock in a report on Wednesday, November 20th. Finally, Wells Fargo & Company reduced their target price on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $95.00.

Medtronic Stock Up 0.7 %

MDT traded up $0.60 during trading on Thursday, reaching $92.01. 5,101,021 shares of the stock were exchanged, compared to its average volume of 7,780,043. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08. The stock has a market cap of $117.98 billion, a P/E ratio of 28.14, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The stock's 50 day moving average price is $84.14 and its two-hundred day moving average price is $85.87. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date was Friday, December 27th. Medtronic's dividend payout ratio is currently 85.63%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business'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 completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company's stock.

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.