Virtu Financial LLC purchased a new position in shares of Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 46,488 shares of the medical technology company's stock, valued at approximately $3,713,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Mainstream Capital Management LLC purchased a new position in Medtronic in the 4th quarter valued at $26,000. J. Stern & Co. LLP acquired a new position in Medtronic in the 3rd quarter valued at $30,000. Rakuten Securities Inc. raised its position in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the last quarter. Finally, Stephens Consulting LLC lifted its stake in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after acquiring an additional 204 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MDT has been the topic of a number of recent analyst reports. Robert W. Baird boosted their price target 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. Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the company 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 objective on shares of Medtronic in a report on Wednesday, February 19th. Finally, UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $96.07.
Check Out Our Latest Stock Analysis on Medtronic
Medtronic Price Performance
NYSE:MDT traded down $1.63 during mid-day trading on Tuesday, hitting $88.50. 8,819,534 shares of the company's stock traded hands, compared to its average volume of 6,102,713. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market cap of $113.51 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The firm's 50 day simple moving average is $90.84 and its 200 day simple moving average is $88.05. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.
Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data 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. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current 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. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. Medtronic's dividend payout ratio is currently 85.11%.
Insider Activity 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 owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.20% of the company's stock.
About Medtronic
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Free Report)
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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