Medtronic plc (NYSE:MDT) Stake Raised by Cibc World Markets Corp

Cibc World Markets Corp raised its holdings in shares of Medtronic plc (NYSE:MDTFree Report) by 11.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,259 shares of the medical technology company’s stock after acquiring an additional 17,787 shares during the quarter. Cibc World Markets Corp’s holdings in Medtronic were worth $14,108,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MDT. Fortitude Family Office LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. boosted its holdings in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic during the fourth quarter worth $27,000. Financial Gravity Asset Management Inc. raised its holdings in Medtronic by 317.0% during the third 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 in the last quarter. Finally, Hartford Financial Management Inc. lifted its position in shares of Medtronic by 52.1% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after buying an additional 164 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The stock was 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 owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Mizuho boosted their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Oppenheimer upped their price target 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. Wells Fargo & Company raised their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Finally, UBS Group upped their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $93.00.

Get Our Latest Research Report on MDT

Medtronic Trading Up 0.0 %

Shares of NYSE MDT traded up $0.04 during midday trading on Thursday, reaching $82.35. The stock had a trading volume of 7,366,596 shares, compared to its average volume of 6,306,236. The company’s 50 day moving average price is $82.38 and its 200 day moving average price is $83.26. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The firm has a market cap of $109.35 billion, a price-to-earnings ratio of 29.95, a price-to-earnings-growth ratio of 2.43 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03.

Medtronic (NYSE:MDTGet Free Report) last announced its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.57 EPS. As a group, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

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

Medtronic Company Profile

(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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