Petros Family Wealth LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Petros Family Wealth LLC acquired a new stake in Medtronic plc (NYSE:MDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,984 shares of the medical technology company’s stock, valued at approximately $238,000.

Other hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Medtronic in the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. acquired a new position in shares of Medtronic in the fourth quarter worth about $852,732,000. Beutel Goodman & Co Ltd. purchased a new stake in shares of Medtronic during the 4th quarter worth about $377,169,000. Van ECK Associates Corp grew its position in shares of Medtronic by 2,043.4% during 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 acquiring an additional 2,476,935 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by company insiders.

Medtronic Price Performance

MDT stock opened at $82.69 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a market capitalization of $106.05 billion, a PE ratio of 25.13, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The business has a 50 day simple moving average of $89.71 and a 200-day simple moving average of $87.65.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating 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 company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MDT. Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Robert W. Baird raised their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $96.14.

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.