Cornercap Investment Counsel Inc. Purchases New Holdings in Medtronic plc (NYSE:MDT)

Cornercap Investment Counsel Inc. purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, Holdings Channel.com reports. The fund purchased 11,451 shares of the medical technology company’s stock, valued at approximately $943,000.

Other hedge funds also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. grew its holdings in Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after purchasing an additional 255 shares during the last quarter. Fortitude Family Office LLC bought a new position in Medtronic during the 4th quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. grew its holdings in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 236,064 shares during the last quarter. Financial Gravity Asset Management Inc. grew its stake in Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Medtronic in the 3rd quarter worth about $31,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $80.23 on Tuesday. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $84.52 and its 200-day moving average price is $81.02. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The company has a market cap of $106.53 billion, a P/E ratio of 25.55, a P/E/G ratio of 2.74 and a beta of 0.76.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 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 the consensus estimate of $7.95 billion. During the same period in the previous year, the firm earned $1.30 earnings per share. Medtronic’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, sell-side analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is presently 87.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MDT shares. Mizuho upped their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Truist Financial upped their target price on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer upped their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average target price of $94.91.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

About Medtronic

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.