Synergy Asset Management LLC boosted its position in shares of Medtronic plc (NYSE:MDT – Free Report) by 107.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,802 shares of the medical technology company’s stock after purchasing an additional 117,809 shares during the period. Medtronic comprises 1.5% of Synergy Asset Management LLC’s holdings, making the stock its 16th largest position. Synergy Asset Management LLC’s holdings in Medtronic were worth $19,353,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Fortitude Family Office LLC acquired a new stake in Medtronic in the third quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic during the third quarter worth approximately $30,000. Finally, Kieckhefer Group LLC acquired a new stake in Medtronic during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 82.06% of the company’s stock.
Analysts Set New Price Targets
MDT has been the topic of several recent research reports. Sanford C. Bernstein increased their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company dropped their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.00.
Medtronic Stock Performance
Shares of Medtronic stock opened at $91.51 on Thursday. The company’s 50 day moving average price is $83.99 and its two-hundred day moving average price is $85.83. The firm has a market capitalization of $117.34 billion, a P/E ratio of 27.98, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08.
Medtronic (NYSE:MDT – Get Free Report) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the previous year, the business posted $1.25 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.
Medtronic Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.
Insider Buying and Selling at Medtronic
In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.
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.
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