Raymond James Trust N.A. lifted its holdings in Medtronic plc (NYSE:MDT) by 2.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,867 shares of the medical technology company’s stock after purchasing an additional 1,527 shares during the period. Raymond James Trust N.A.’s holdings in Medtronic were worth $7,482,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Spectrum Management Group LLC raised its holdings in Medtronic by 317.5% in the 3rd 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 period. Coastal Capital Group Inc. increased its holdings in shares of Medtronic by 137.0% during the 3rd quarter. Coastal Capital Group Inc. now owns 282 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 163 shares during the period. Crewe Advisors LLC bought a new position in shares of Medtronic during the 3rd quarter worth about $31,000. Catalyst Private Wealth LLC bought a new position in shares of Medtronic during the 3rd quarter worth about $31,000. Finally, Knuff & Co LLC increased its holdings in shares of Medtronic by 215.0% during the 3rd quarter. Knuff & Co LLC now owns 315 shares of the medical technology company’s stock worth $33,000 after purchasing an additional 215 shares during the period. 68.87% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE MDT traded up $1.43 during midday trading on Wednesday, hitting $118.72. The stock had a trading volume of 4,046,719 shares, compared to its average volume of 3,864,810. The company’s 50-day simple moving average is $115.11 and its 200 day simple moving average is $105.81. The firm has a market cap of $159.80 billion, a P/E ratio of 45.31, a price-to-earnings-growth ratio of 3.58 and a beta of 0.69. Medtronic plc has a fifty-two week low of $72.13 and a fifty-two week high of $122.15. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.16 and a quick ratio of 1.79.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Tuesday, December 22nd will be paid a $0.58 dividend. The ex-dividend date is Friday, December 18th. This represents a $2.32 annualized dividend and a dividend yield of 1.95%. Medtronic’s dividend payout ratio (DPR) is currently 50.54%.
In other news, SVP Carol A. Surface sold 15,000 shares of Medtronic stock in a transaction on Monday, December 28th. The stock was sold at an average price of $114.90, for a total value of $1,723,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert John White sold 10,930 shares of Medtronic stock in a transaction on Friday, December 18th. The shares were sold at an average price of $115.46, for a total value of $1,261,977.80. Following the completion of the sale, the executive vice president now directly owns 55,852 shares of the company’s stock, valued at $6,448,671.92. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.
MDT has been the topic of several research reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price objective on shares of Medtronic from $120.00 to $128.00 in a report on Wednesday, November 25th. Stifel Nicolaus lifted their target price on shares of Medtronic from $125.00 to $132.00 and gave the company a “buy” rating in a research report on Wednesday, November 25th. Smith Barney Citigroup lifted their target price on shares of Medtronic from $120.00 to $128.00 in a research report on Wednesday, November 25th. Piper Sandler lifted their target price on shares of Medtronic from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Tuesday, November 24th. Finally, BTIG Research lifted their target price on shares of Medtronic from $119.00 to $124.00 and gave the company a “buy” rating in a research report on Wednesday, November 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Medtronic has an average rating of “Buy” and a consensus target price 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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