CIBC Asset Management Inc Grows Stock Holdings in Medtronic plc (NYSE:MDT)

CIBC Asset Management Inc increased its position in Medtronic plc (NYSE:MDT) by 1.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 927,239 shares of the medical technology company’s stock after buying an additional 14,502 shares during the quarter. CIBC Asset Management Inc’s holdings in Medtronic were worth $74,068,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MDT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Medtronic by 436.7% in the third 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 acquiring an additional 5,975,110 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the period. Bank of Montreal Can raised its holdings in shares of Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after purchasing an additional 1,790,483 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Medtronic by 58.4% during the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock worth $346,705,000 after purchasing an additional 1,420,263 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $93.02 on Monday. The stock has a market capitalization of $119.28 billion, a P/E ratio of 28.45, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $85.51 and a two-hundred day moving average price of $86.90.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 EPS. Equities analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.01%. Medtronic’s payout ratio is currently 85.63%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was 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 in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MDT shares. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 12th. Barclays increased their price target 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 lowered their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Finally, Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.00.

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.