Columbia Asset Management Takes $4.28 Million Position in Medtronic plc (NYSE:MDT)

Columbia Asset Management acquired a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 53,636 shares of the medical technology company’s stock, valued at approximately $4,284,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Copley Financial Group Inc. acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $694,000. Franklin Street Advisors Inc. NC grew its holdings in Medtronic by 32.6% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after acquiring an additional 18,057 shares during the period. Y Intercept Hong Kong Ltd increased 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 purchasing an additional 56,178 shares during the last quarter. Olstein Capital Management L.P. increased its stake in shares of Medtronic by 8.0% in the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after acquiring an additional 7,000 shares during the last quarter. Finally, Czech National Bank increased its stake in Medtronic by 6.4% in the fourth 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 in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT opened at $88.48 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The stock has a 50 day moving average price of $91.02 and a 200 day moving average price of $87.98. The stock has a market capitalization of $113.48 billion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. Medtronic’s dividend payout ratio is presently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MDT shares. 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. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Robert W. Baird upped their target price 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $96.07.

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.