Potentia Wealth Makes New $597,000 Investment in Medtronic plc (NYSE:MDT)

Potentia Wealth bought a new position in Medtronic plc (NYSE:MDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,469 shares of the medical technology company’s stock, valued at approximately $597,000.

Other institutional investors have also added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new stake in shares of Medtronic in the 3rd quarter worth about $694,000. Franklin Street Advisors Inc. NC grew its position in shares of Medtronic by 32.6% in the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after buying an additional 18,057 shares during the last quarter. Y Intercept Hong Kong Ltd raised its stake in Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after buying an additional 56,178 shares during the last quarter. Olstein Capital Management L.P. grew its holdings in shares of Medtronic by 8.0% during the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after buying an additional 7,000 shares during the last quarter. Finally, Czech National Bank raised its position in Medtronic by 6.4% during the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after buying an additional 16,786 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of a number of analyst reports. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic has an average rating of “Hold” and an average price target of $96.07.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT opened at $90.16 on Tuesday. The business has a fifty day simple moving average of $90.84 and a 200-day simple moving average of $88.05. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a market cap of $115.64 billion, a P/E ratio of 27.40, a P/E/G ratio of 2.22 and a beta of 0.80. 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 (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is presently 85.11%.

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.