MeadowBrook Investment Advisors LLC Buys New Position in Medtronic plc (NYSE:MDT)

MeadowBrook Investment Advisors LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 324 shares of the medical technology company’s stock, valued at approximately $27,000.

A number of other hedge funds have also recently bought and sold shares of the business. Morgan Stanley grew its stake in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Northern Trust Corp grew its stake in Medtronic by 2.1% during the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after purchasing an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Medtronic by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock worth $843,979,000 after acquiring an additional 79,660 shares in the last quarter. American Century Companies Inc. grew its position in shares of Medtronic by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after acquiring an additional 649,367 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its position in shares of Medtronic by 10.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 6,088,880 shares of the medical technology company’s stock worth $477,125,000 after acquiring an additional 592,849 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 completion of the transaction, the executive vice president now directly 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. 0.30% of the stock is owned by corporate insiders.

Medtronic Price Performance

Shares of MDT traded up $0.24 during midday trading on Tuesday, reaching $82.00. The stock had a trading volume of 1,760,076 shares, compared to its average volume of 6,146,773. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a market capitalization of $108.88 billion, a P/E ratio of 26.12, a P/E/G ratio of 2.66 and a beta of 0.78. The firm’s 50 day moving average price is $83.05 and its 200-day moving average price is $81.63. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same period last year, the company posted $1.30 EPS. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.37%. Medtronic’s dividend payout ratio is 87.90%.

Analysts Set New Price Targets

Several brokerages have recently commented on MDT. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer boosted their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Mizuho boosted their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Truist Financial boosted their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $94.91.

Medtronic Profile

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.