Oak Asset Management LLC Raises Position in Medtronic plc (NYSE:MDT)

Oak Asset Management LLC boosted its position in shares of Medtronic plc (NYSE:MDTFree Report) by 3.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 39,637 shares of the medical technology company’s stock after buying an additional 1,152 shares during the period. Medtronic comprises 1.2% of Oak Asset Management LLC’s portfolio, making the stock its 25th biggest holding. Oak Asset Management LLC’s holdings in Medtronic were worth $3,166,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Clear Harbor Asset Management LLC increased its position in shares of Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares in the last quarter. Guardian Wealth Management Inc. grew its holdings in shares of Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after buying an additional 115 shares in the last quarter. First PREMIER Bank grew its holdings in shares of Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares in the last quarter. First City Capital Management Inc. raised its position in shares of Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after buying an additional 116 shares during the last quarter. Finally, Hardy Reed LLC lifted its stake in shares of Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after buying an additional 116 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

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 value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Robert W. Baird cut their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average price target of $95.00.

Check Out Our Latest Analysis on MDT

Medtronic Stock Performance

Shares of MDT stock opened at $81.68 on Tuesday. Medtronic plc has a one year low of $75.96 and a one year 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 firm’s 50 day moving average price is $83.83 and its 200-day moving average price is $84.96. The firm has a market cap of $104.74 billion, a P/E ratio of 24.98, a P/E/G ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDTGet Free Report) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the firm earned $1.25 earnings per share. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, equities research analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.43%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

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.

See Also

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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