Bryn Mawr Capital Management LLC Boosts Stake in Medtronic plc (NYSE:MDT)

Bryn Mawr Capital Management LLC grew its holdings in shares of Medtronic plc (NYSE:MDT) by 337.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,843 shares of the medical technology company’s stock after acquiring an additional 66,235 shares during the period. Bryn Mawr Capital Management LLC’s holdings in Medtronic were worth $7,072,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. 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. Bank of New York Mellon Corp grew its position in shares of Medtronic by 2.6% during the third quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after buying an additional 508,205 shares in the last quarter. Northern Trust Corp increased its stake in shares of Medtronic by 2.1% in the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after buying an additional 285,819 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Medtronic by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock worth $843,979,000 after buying an additional 79,660 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after acquiring an additional 649,367 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Mizuho boosted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer upped their price objective on 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 reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Finally, Truist Financial boosted their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $94.91.

Medtronic Trading Up 0.6 %

Shares of NYSE MDT opened at $79.73 on Friday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The company has a market cap of $105.87 billion, a price-to-earnings ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $83.53 and its 200 day simple moving average is $81.16.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $7.95 billion. During the same period last year, the business posted $1.30 earnings per share. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts expect that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated 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 directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction that occurred 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 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.