Mitchell Sinkler & Starr PA Invests $935,000 in Medtronic plc (NYSE:MDT)

Mitchell Sinkler & Starr PA acquired a new position in shares of Medtronic plc (NYSE:MDTFree Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,351 shares of the medical technology company’s stock, valued at approximately $935,000.

Several other institutional investors also recently modified their holdings of MDT. Fortitude Family Office LLC acquired a new position in shares of Medtronic during the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. grew its stake in Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after buying an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic in the 4th quarter valued at about $27,000. Financial Gravity Asset Management Inc. grew its stake in Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the last quarter. Finally, Hartford Financial Management Inc. grew its stake in Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after buying an additional 164 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on MDT. Truist Financial decreased their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday. UBS Group upped their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday. Oppenheimer boosted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Friday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $94.00.

Read Our Latest Report on MDT

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.11 on Tuesday, reaching $82.40. 2,206,033 shares of the stock were exchanged, compared to its average volume of 6,144,777. The firm’s 50 day moving average is $82.78 and its 200-day moving average is $82.91. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm has a market cap of $109.41 billion, a PE ratio of 29.89, a P/E/G ratio of 2.69 and a beta of 0.78.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the prior year, the firm posted $1.57 EPS. The firm’s quarterly revenue was up .5% on a year-over-year basis. As a group, analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio is currently 100.36%.

About Medtronic

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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