Medtronic plc (NYSE:MDT) Stake Increased by Core Alternative Capital

Core Alternative Capital grew its holdings in Medtronic plc (NYSE:MDT) by 4.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,517 shares of the medical technology company’s stock after purchasing an additional 1,811 shares during the period. Core Alternative Capital’s holdings in Medtronic were worth $3,396,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MDT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after purchasing an additional 1,790,483 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Medtronic by 58.4% in the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after purchasing an additional 1,420,263 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after purchasing an additional 1,284,002 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC increased its stake in shares of Medtronic by 5,124.5% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,035,708 shares of the medical technology company’s stock worth $93,245,000 after acquiring an additional 1,015,884 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Trading Up 0.9 %

Medtronic stock opened at $90.84 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The business’s 50-day simple moving average is $84.85 and its 200-day simple moving average is $86.48. The firm has a market capitalization of $116.48 billion, a PE ratio of 27.78, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic’s payout ratio is presently 85.63%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Robert W. Baird dropped their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Sanford C. Bernstein upped their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Company 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.