Medtronic plc (NYSE:MDT) Shares Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board raised its holdings in Medtronic plc (NYSE:MDT) by 28.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,498,272 shares of the medical technology company’s stock after buying an additional 335,925 shares during the period. Canada Pension Plan Investment Board owned about 0.12% of Medtronic worth $119,682,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of MDT. Morse Asset Management Inc purchased a new position in Medtronic in the third quarter valued at approximately $225,000. Te Ahumairangi Investment Management Ltd boosted its holdings in shares of Medtronic by 4.1% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 52,321 shares of the medical technology company’s stock valued at $4,684,000 after buying an additional 2,050 shares in the last quarter. Chelsea Counsel Co. acquired a new stake in Medtronic during the 3rd quarter worth $45,000. Tudor Financial Inc. purchased a new position in shares of Medtronic during the third quarter worth about $586,000. Finally, Anchor Investment Management LLC increased its position in shares of Medtronic by 1.2% during the third quarter. Anchor Investment Management LLC now owns 107,518 shares of the medical technology company’s stock worth $9,680,000 after purchasing an additional 1,271 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction 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 $3,688,110. This trade 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.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MDT shares. Royal Bank of Canada restated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Finally, Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. One research 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 data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $96.14.

Medtronic Trading Down 0.1 %

Shares of MDT opened at $82.58 on Friday. The firm’s 50-day moving average is $89.08 and its two-hundred day moving average is $87.48. The firm has a market capitalization of $105.91 billion, a P/E ratio of 25.10, a PEG ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 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.

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

Medtronic Dividend Announcement

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

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.