Mystic Asset Management Inc. Invests $259,000 in Medtronic plc (NYSE:MDT)

Mystic Asset Management Inc. bought a new position in shares of Medtronic plc (NYSE:MDT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,244 shares of the medical technology company’s stock, valued at approximately $259,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. Raymond James Financial Inc. bought a new position in shares of Medtronic during the 4th quarter worth approximately $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Medtronic by 436.7% in the 3rd 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 buying an additional 5,975,110 shares in the last quarter. Van ECK Associates Corp grew its holdings in Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Bank of Montreal Can grew its holdings in Medtronic by 65.0% in the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after buying an additional 1,790,483 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Medtronic by 58.4% in the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after buying an additional 1,420,263 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $92.10 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a market cap of $118.12 billion, a P/E ratio of 27.99, a P/E/G ratio of 2.22 and a beta of 0.80. The business has a fifty day simple moving average of $90.12 and a 200 day simple moving average of $88.02.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.04%. Medtronic’s dividend payout ratio is presently 85.11%.

Analysts Set New Price Targets

A number of research analysts have commented on MDT shares. Barclays upped their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird upped their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average target price of $96.07.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the 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 in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

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.