Steele Capital Management Inc. Invests $252,000 in Medtronic plc (NYSE:MDT)

Steele Capital Management Inc. acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,062 shares of the medical technology company’s stock, valued at approximately $252,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $25,000. Hartford Financial Management Inc. grew its position in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after acquiring an additional 255 shares in the last quarter. Financial Gravity Asset Management Inc. increased its stake in shares of Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at $31,000. Finally, Rakuten Securities Inc. bought a new stake in Medtronic in the fourth quarter worth $49,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT traded down $0.26 during trading on Tuesday, hitting $80.60. 1,122,416 shares of the company were exchanged, compared to its average volume of 6,186,046. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The business’s 50 day moving average is $83.46 and its 200-day moving average is $81.32. The company has a market capitalization of $107.02 billion, a P/E ratio of 25.68, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter last year, the firm posted $1.30 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. Equities analysts forecast that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.42%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Analysts Set New Price Targets

Several research firms have weighed in on MDT. Truist Financial raised their target price on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Oppenheimer upped their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Mizuho increased their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $94.91.

Insider Transactions at Medtronic

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

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.