Mach 1 Financial Group LLC Acquires 11,171 Shares of Medtronic plc (NYSE:MDT)

Mach 1 Financial Group LLC grew its position in Medtronic plc (NYSE:MDT) by 92.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,282 shares of the medical technology company’s stock after acquiring an additional 11,171 shares during the quarter. Mach 1 Financial Group LLC’s holdings in Medtronic were worth $1,918,000 as of its most recent SEC filing.

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

Medtronic Stock Down 0.8 %

Shares of MDT stock traded down $0.61 on Tuesday, reaching $80.25. 6,487,312 shares of the company were exchanged, compared to its average volume of 6,251,118. The company has a market cap of $106.56 billion, a price-to-earnings ratio of 25.56, a PEG ratio of 2.73 and a beta of 0.76. The company has a 50-day moving average of $83.35 and a 200-day moving average of $81.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a one year low of $68.84 and a one year high of $92.02.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter in the prior year, the firm earned $1.30 EPS. The business’s revenue was up 4.7% on a year-over-year basis. Analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

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 $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.44%. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial boosted their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer boosted their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Finally, Mizuho boosted 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $94.91.

Insider Transactions at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sean Salmon sold 30,695 shares of Medtronic 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 directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly 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 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.