WealthBridge Investment Counsel Inc. raised its holdings in Medtronic plc (NYSE:MDT – Get Rating) by 1.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 60,815 shares of the medical technology company’s stock after acquiring an additional 675 shares during the quarter. Medtronic accounts for 2.7% of WealthBridge Investment Counsel Inc.’s investment portfolio, making the stock its 18th biggest holding. WealthBridge Investment Counsel Inc.’s holdings in Medtronic were worth $6,291,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Cubic Asset Management LLC lifted its stake in Medtronic by 0.8% in the fourth quarter. Cubic Asset Management LLC now owns 31,562 shares of the medical technology company’s stock valued at $3,265,000 after buying an additional 237 shares during the period. National Bank of Canada FI acquired a new position in shares of Medtronic during the fourth quarter worth approximately $15,314,000. Lederer & Associates Investment Counsel CA raised its position in shares of Medtronic by 3.2% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 21,263 shares of the medical technology company’s stock worth $2,200,000 after purchasing an additional 650 shares during the period. Hotaling Investment Management LLC raised its position in shares of Medtronic by 1.5% during the fourth quarter. Hotaling Investment Management LLC now owns 35,480 shares of the medical technology company’s stock worth $3,670,000 after purchasing an additional 531 shares during the period. Finally, Fieldpoint Private Securities LLC raised its position in shares of Medtronic by 1.9% during the fourth quarter. Fieldpoint Private Securities LLC now owns 13,656 shares of the medical technology company’s stock worth $1,413,000 after purchasing an additional 256 shares during the period. 79.46% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on MDT shares. Bank of America started coverage on Medtronic in a research report on Tuesday, March 1st. They set a “buy” rating on the stock. SVB Leerink lowered their price target on Medtronic from $138.00 to $115.00 and set a “market perform” rating for the company in a research report on Friday, January 21st. BTIG Research lowered Medtronic from a “buy” rating to a “neutral” rating and set a $104.00 price target for the company. in a research report on Monday, January 10th. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating and set a $121.00 price target for the company in a research report on Friday, November 26th. Finally, Citigroup lowered their price target on Medtronic from $130.00 to $129.00 and set a “buy” rating for the company in a research report on Wednesday, January 19th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $129.45.
Shares of MDT stock traded up $0.19 on Thursday, hitting $106.35. 5,651,239 shares of the stock were exchanged, compared to its average volume of 6,907,444. The company has a current ratio of 2.61, a quick ratio of 2.10 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $142.67 billion, a PE ratio of 29.30, a P/E/G ratio of 2.57 and a beta of 0.74. Medtronic plc has a one year low of $98.38 and a one year high of $135.89. The firm’s 50 day moving average is $104.96 and its two-hundred day moving average is $113.24.
Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings results on Tuesday, February 22nd. The medical technology company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.01. The company had revenue of $7.76 billion during the quarter, compared to the consensus estimate of $7.91 billion. Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.29 EPS. On average, sell-side analysts expect that Medtronic plc will post 5.67 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 22nd. Stockholders of record on Friday, March 25th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, March 24th. This represents a $2.52 annualized dividend and a dividend yield of 2.37%. Medtronic’s payout ratio is 69.42%.
In related news, SVP Carol A. Surface sold 6,000 shares of the stock in a transaction dated Friday, March 11th. The stock was sold at an average price of $105.30, for a total transaction of $631,800.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Karen L. Parkhill sold 682 shares of the stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.00, for a total value of $75,020.00. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.
Medtronic Company Profile (Get Rating)
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.
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