Palisade Asset Management LLC Raises Position in Medtronic plc (NYSE:MDT)

Palisade Asset Management LLC grew its position in Medtronic plc (NYSE:MDT) by 1.1% during the 4th quarter, Holdings Channel reports. The fund owned 59,091 shares of the medical technology company’s stock after buying an additional 636 shares during the quarter. Palisade Asset Management LLC’s holdings in Medtronic were worth $4,868,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Simmons Bank boosted its holdings in Medtronic by 14.2% during the fourth quarter. Simmons Bank now owns 8,526 shares of the medical technology company’s stock worth $702,000 after buying an additional 1,059 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Medtronic by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after buying an additional 101,111 shares in the last quarter. Apollon Wealth Management LLC boosted its holdings in Medtronic by 43.0% during the fourth quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock worth $4,185,000 after buying an additional 15,265 shares in the last quarter. Fielder Capital Group LLC purchased a new stake in Medtronic during the fourth quarter worth about $225,000. Finally, Machina Capital S.A.S. purchased a new stake in Medtronic during the fourth quarter worth about $995,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 0.4 %

Shares of Medtronic stock traded down $0.35 during trading hours on Wednesday, hitting $81.55. The company’s stock had a trading volume of 4,130,247 shares, compared to its average volume of 6,150,321. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The business has a fifty day moving average of $83.01 and a 200 day moving average of $81.69. The company has a market capitalization of $108.28 billion, a PE ratio of 26.01, a P/E/G ratio of 2.66 and a beta of 0.78. 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 (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $1.30 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Insider Activity at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 approximately $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Truist Financial increased their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Oppenheimer upped their price objective 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $94.91.

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.