Global Retirement Partners LLC lifted its position in Medtronic plc (NYSE:MDT) by 8.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,899 shares of the medical technology company’s stock after purchasing an additional 624 shares during the quarter. Global Retirement Partners LLC’s holdings in Medtronic were worth $925,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Spectrum Management Group LLC increased its stake in Medtronic by 317.5% during the third quarter. Spectrum Management Group LLC now owns 263 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 200 shares during the last quarter. Coastal Capital Group Inc. increased its stake in Medtronic by 137.0% during the third quarter. Coastal Capital Group Inc. now owns 282 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 163 shares during the last quarter. Crewe Advisors LLC bought a new stake in Medtronic during the third quarter worth approximately $31,000. Catalyst Private Wealth LLC bought a new stake in Medtronic during the third quarter worth approximately $31,000. Finally, Knuff & Co LLC increased its stake in Medtronic by 215.0% during the third quarter. Knuff & Co LLC now owns 315 shares of the medical technology company’s stock worth $33,000 after acquiring an additional 215 shares during the last quarter. 68.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MDT stock opened at $118.72 on Thursday. Medtronic plc has a fifty-two week low of $72.13 and a fifty-two week high of $122.15. The firm has a market capitalization of $159.80 billion, a price-to-earnings ratio of 45.31, a PEG ratio of 3.58 and a beta of 0.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.79 and a current ratio of 2.16. The stock’s 50-day simple moving average is $115.11 and its 200-day simple moving average is $105.81.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Tuesday, December 22nd will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, December 18th. Medtronic’s dividend payout ratio (DPR) is 50.54%.
In related news, SVP Carol A. Surface sold 15,000 shares of Medtronic stock in a transaction dated Monday, December 28th. The stock was sold at an average price of $114.90, for a total transaction of $1,723,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert John White sold 10,930 shares of Medtronic stock in a transaction dated Friday, December 18th. The stock was sold at an average price of $115.46, for a total value of $1,261,977.80. Following the sale, the executive vice president now directly owns 55,852 shares of the company’s stock, valued at approximately $6,448,671.92. The disclosure for this sale can be found here. Insiders own 0.52% of the company’s stock.
MDT has been the topic of several analyst reports. The Goldman Sachs Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $100.00 to $119.00 in a research note on Tuesday, December 15th. Jefferies Financial Group boosted their target price on Medtronic from $120.00 to $138.00 and gave the company a “buy” rating in a research report on Thursday, October 15th. Smith Barney Citigroup boosted their target price on Medtronic from $120.00 to $128.00 in a research report on Wednesday, November 25th. Morgan Stanley upgraded Medtronic from an “equal weight” rating to an “overweight” rating and set a $140.00 target price for the company in a research report on Tuesday, December 15th. Finally, Truist boosted their target price on Medtronic to $128.00 and gave the company a “buy” rating in a research report on Wednesday, November 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Medtronic presently has a consensus rating of “Buy” and a consensus price target of $120.93.
Medtronic Company Profile
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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