Northcape Wealth Management LLC Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Northcape Wealth Management LLC grew its holdings in shares of Medtronic plc (NYSE:MDT) by 13.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 21,930 shares of the medical technology company’s stock after purchasing an additional 2,586 shares during the period. Northcape Wealth Management LLC’s holdings in Medtronic were worth $1,807,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. BKM Wealth Management LLC acquired a new position in Medtronic during the fourth quarter worth approximately $941,000. International Assets Investment Management LLC lifted its stake in shares of Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after acquiring an additional 1,026,274 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Medtronic by 69.3% during the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after acquiring an additional 16,574 shares during the period. Exchange Traded Concepts LLC raised its holdings in Medtronic by 109,325.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock worth $7,572,000 after purchasing an additional 91,833 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in Medtronic in the 4th quarter valued at approximately $6,623,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Medtronic Stock Down 0.8 %

MDT stock traded down $0.61 during trading on Tuesday, reaching $80.25. The stock had a trading volume of 6,487,312 shares, compared to its average volume of 6,251,118. The firm has a fifty day moving average price of $83.46 and a 200 day moving average price of $81.32. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $106.56 billion, a P/E ratio of 25.59, a PEG ratio of 2.73 and a beta of 0.76. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same quarter in the previous year, the firm earned $1.30 EPS. The company’s revenue was up 4.7% on a year-over-year basis. On average, equities analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.44%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MDT shares. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer boosted their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Mizuho raised their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Truist Financial upped their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $94.91.

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.