Gradient Investments LLC Buys 45,783 Shares of Medtronic plc (NYSE:MDT)

Gradient Investments LLC raised its stake in Medtronic plc (NYSE:MDT) by 11.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 434,767 shares of the medical technology company’s stock after purchasing an additional 45,783 shares during the quarter. Gradient Investments LLC’s holdings in Medtronic were worth $34,729,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Copley Financial Group Inc. bought a new position in Medtronic during the 3rd quarter valued at approximately $694,000. Olstein Capital Management L.P. increased its stake in shares of Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares during the period. Franklin Street Advisors Inc. NC raised its holdings in shares of Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock valued at $5,873,000 after acquiring an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings 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 acquiring an additional 56,178 shares in the last quarter. Finally, Czech National Bank increased 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 valued at $22,212,000 after purchasing an additional 16,786 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.9 %

Shares of Medtronic stock opened at $90.07 on Friday. The company has a 50-day simple moving average of $83.70 and a two-hundred day simple moving average of $85.41. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market capitalization of $115.49 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for 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 firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. On average, analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s payout ratio is 85.63%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Wells Fargo & Company cut their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price 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.