Medtronic plc (NYSE:MDT) Shares Purchased by Summit Investment Advisory Services LLC

Summit Investment Advisory Services LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 46.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 4,572 shares of the medical technology company’s stock after purchasing an additional 1,444 shares during the period. Summit Investment Advisory Services LLC’s holdings in Medtronic were worth $377,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bollard Group LLC boosted its position in Medtronic by 1.8% during the second quarter. Bollard Group LLC now owns 6,955 shares of the medical technology company’s stock worth $613,000 after purchasing an additional 121 shares in the last quarter. DT Investment Partners LLC increased its stake in Medtronic by 1.0% in the second quarter. DT Investment Partners LLC now owns 12,076 shares of the medical technology company’s stock valued at $1,059,000 after purchasing an additional 124 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in Medtronic by 19.6% in the second quarter. SRS Capital Advisors Inc. now owns 782 shares of the medical technology company’s stock valued at $69,000 after purchasing an additional 128 shares during the last quarter. Modera Wealth Management LLC increased its stake in Medtronic by 3.9% during the third quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock worth $277,000 after acquiring an additional 133 shares during the last quarter. Finally, jvl associates llc increased its stake in Medtronic by 3.8% during the fourth quarter. jvl associates llc now owns 3,840 shares of the medical technology company’s stock worth $316,000 after acquiring an additional 139 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDT has been the subject of several research analyst reports. Mizuho upped their price target on 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 price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer increased their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Insider Activity

In other news, EVP Sean Salmon sold 30,695 shares of the firm’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 approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by insiders.

Medtronic Stock Up 0.3 %

MDT traded up $0.23 on Friday, reaching $87.15. The company’s stock had a trading volume of 7,579,459 shares, compared to its average volume of 6,365,203. The stock has a market cap of $115.72 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 2.97 and a beta of 0.76. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. 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 business’s 50 day moving average is $85.23 and its 200 day moving average is $80.73.

Medtronic (NYSE:MDT) last released 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 return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same quarter last year, the business posted $1.30 EPS. Medtronic’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio is currently 87.90%.

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.