Wedbush Securities Inc. increased its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 13.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 34,482 shares of the medical technology company's stock after buying an additional 4,022 shares during the period. Wedbush Securities Inc.'s holdings in Medtronic were worth $2,754,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in MDT. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the 4th quarter worth $26,000. Stephens Consulting LLC increased 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 worth $27,000 after purchasing an additional 204 shares in the last quarter. Rakuten Securities Inc. raised its position in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares during the period. Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic during the 4th quarter valued at approximately $36,000. Finally, Kieckhefer Group LLC purchased a new stake in shares of Medtronic during the 4th quarter valued at approximately $40,000. Institutional investors own 82.06% of the company's stock.
Insider Activity
In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction 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 sale, the executive vice president now directly 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 document filed with the SEC, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of brokerages have issued reports on MDT. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. Royal Bank of Canada restated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group upped their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of "Hold" and an average target price of $96.07.
Get Our Latest Stock Report on Medtronic
Medtronic Price Performance
MDT traded down $2.03 during trading on Wednesday, reaching $79.85. The stock had a trading volume of 2,065,577 shares, compared to its average volume of 6,620,656. The business has a 50-day moving average of $90.28 and a 200-day moving average of $87.79. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. 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 stock has a market cap of $102.41 billion, a PE ratio of 24.21, a PEG ratio of 2.22 and a beta of 0.79.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.
Medtronic Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.51%. Medtronic's payout ratio is 85.11%.
About Medtronic
(
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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