Investors Financial Group LLC purchased a new stake in Medtronic PLC (NYSE:MDT) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 17,974 shares of the medical technology company’s stock, valued at approximately $2,039,000. Medtronic comprises about 1.7% of Investors Financial Group LLC’s portfolio, making the stock its 12th largest position.
A number of other institutional investors and hedge funds have also modified their holdings of MDT. Private Ocean LLC grew its stake in shares of Medtronic by 188.5% during the 3rd quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock valued at $25,000 after buying an additional 147 shares during the period. Manchester Financial Inc. purchased a new stake in shares of Medtronic during the 4th quarter valued at $28,000. River & Mercantile Asset Management LLP acquired a new stake in Medtronic during the second quarter worth about $26,000. Lenox Wealth Advisors LLC boosted its holdings in shares of Medtronic by 393.3% in the third quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock valued at $32,000 after acquiring an additional 236 shares in the last quarter. Finally, Barnett & Company Inc. bought a new stake in Medtronic during the fourth quarter worth approximately $34,000. Institutional investors own 80.65% of the company’s stock.
In other Medtronic news, EVP Robert John White sold 52,166 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $110.62, for a total value of $5,770,602.92. Following the completion of the sale, the executive vice president now owns 77,510 shares in the company, valued at approximately $8,574,156.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard H. Anderson bought 5,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average price of $111.13 per share, with a total value of $555,650.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 106,433 shares of company stock valued at $11,704,539. Insiders own 0.28% of the company’s stock.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.03. Medtronic had a net margin of 15.11% and a return on equity of 14.52%. The company had revenue of $7.71 billion during the quarter, compared to the consensus estimate of $7.66 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. The company’s revenue was up 3.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic PLC will post 5.6 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Friday, December 27th were given a $0.54 dividend. The ex-dividend date of this dividend was Thursday, December 26th. This represents a $2.16 dividend on an annualized basis and a yield of 1.81%. Medtronic’s payout ratio is 41.38%.
A number of analysts recently weighed in on the stock. Oppenheimer raised their target price on shares of Medtronic from $118.00 to $123.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. UBS Group raised their target price on shares of Medtronic from $127.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Argus raised their target price on shares of Medtronic to $135.00 and gave the stock a “buy” rating in a report on Monday, November 25th. JPMorgan Chase & Co. upped their price target on shares of Medtronic from $122.00 to $128.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Finally, Royal Bank of Canada upped their price target on shares of Medtronic from $118.00 to $122.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $120.59.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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