Trust Point Inc. Boosts Stake in Medtronic plc (NYSE:MDT)

Trust Point Inc. boosted its holdings in Medtronic plc (NYSE:MDT) by 6.2% in the 4th quarter, HoldingsChannel reports. The fund owned 11,805 shares of the medical technology company’s stock after acquiring an additional 693 shares during the quarter. Trust Point Inc.’s holdings in Medtronic were worth $943,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares during the period. Bank of Montreal Can increased its holdings in Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after buying an additional 1,790,483 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after acquiring an additional 1,420,263 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after acquiring an additional 1,284,002 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its holdings in shares of Medtronic by 5,124.5% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,035,708 shares of the medical technology company’s stock worth $93,245,000 after acquiring an additional 1,015,884 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $90.99 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. The firm’s 50 day moving average is $84.47 and its two-hundred day moving average is $86.16. The company has a market cap of $116.67 billion, a P/E ratio of 27.82, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating 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 firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the firm earned $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on MDT. JPMorgan Chase & Co. decreased their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Truist Financial lowered their price target on shares of 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 restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Company Profile

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.