Addenda Capital Inc. Boosts Stock Holdings in Medtronic plc (NYSE:MDT)

Addenda Capital Inc. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 25.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,611 shares of the medical technology company’s stock after purchasing an additional 16,471 shares during the quarter. Addenda Capital Inc.’s holdings in Medtronic were worth $6,564,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in 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 in the last quarter. Bank of Montreal Can raised its stake in shares of Medtronic by 65.0% during the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after buying an additional 1,790,483 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. Janus Henderson Group PLC increased its position in 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 worth $346,705,000 after purchasing an additional 1,420,263 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MDT has been the topic of several recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Citigroup upped their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Sanford C. Bernstein increased their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 1.2 %

NYSE MDT opened at $88.23 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The stock has a fifty day moving average of $83.64 and a 200-day moving average of $85.21. The stock has a market capitalization of $113.13 billion, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 earnings per share. On average, equities research analysts forecast 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. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is presently 85.63%.

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.