Resonant Capital Advisors LLC purchased a new stake in Medtronic PLC (NYSE:MDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,004 shares of the medical technology company’s stock, valued at approximately $341,000.
Several other hedge funds also recently bought and sold shares of the company. Manchester Financial Inc. bought a new stake in Medtronic in the 4th quarter valued at $28,000. Barnett & Company Inc. acquired a new position in Medtronic in the 4th quarter valued at approximately $34,000. Stonebridge Financial Planning Group LLC bought a new position in Medtronic during the 4th quarter worth $34,000. CLS Investments LLC raised its position in shares of Medtronic by 44.2% during the fourth quarter. CLS Investments LLC now owns 346 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 106 shares during the last quarter. Finally, Altshuler Shaham Ltd lifted its position in shares of Medtronic by 303.4% in the 4th quarter. Altshuler Shaham Ltd now owns 351 shares of the medical technology company’s stock worth $40,000 after purchasing an additional 264 shares during the period. 82.55% of the stock is currently owned by institutional investors.
In other news, CEO Omar Ishrak purchased 8,771 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was bought at an average price of $110.87 per share, for a total transaction of $972,440.77. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.28% of the stock is owned by corporate insiders.
Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.06. Medtronic had a return on equity of 14.76% and a net margin of 17.11%. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.80 billion. During the same period in the prior year, the company earned $1.29 earnings per share. Medtronic’s revenue was up 2.3% compared to the same quarter last year. On average, research analysts anticipate that Medtronic PLC will post 5.64 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be given a dividend of $0.54 per share. The ex-dividend date is Thursday, March 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.35%. Medtronic’s dividend payout ratio is presently 41.38%.
MDT has been the topic of a number of research analyst reports. Cfra increased their price objective on shares of Medtronic from $126.00 to $127.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. upped their target price on shares of Medtronic from $122.00 to $128.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. UBS Group increased their target price on shares of Medtronic from $127.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Raymond James raised their price target on shares of Medtronic from $121.00 to $122.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Finally, BTIG Research dropped their price target on shares of Medtronic from $126.00 to $124.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-two have given a buy rating to the stock. Medtronic has an average rating of “Buy” and an average price target of $120.77.
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.
Further Reading: Front-End Load
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