Spectrum Asset Management Inc. NB CA Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Spectrum Asset Management Inc. NB CA raised its stake in shares of Medtronic plc (NYSE:MDT) by 2.1% in the 4th quarter, Holdings Channel reports. The fund owned 41,294 shares of the medical technology company’s stock after acquiring an additional 840 shares during the quarter. Medtronic accounts for approximately 1.5% of Spectrum Asset Management Inc. NB CA’s portfolio, making the stock its 26th biggest position. Spectrum Asset Management Inc. NB CA’s holdings in Medtronic were worth $3,327,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the 3rd quarter worth $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter worth $27,000. Stephens Consulting LLC boosted its holdings in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares in the last quarter. Finally, J. Stern & Co. LLP acquired a new position in shares of Medtronic during the third quarter worth about $30,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on MDT. Robert W. Baird reduced their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $95.00.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.20% of the company’s stock.

Medtronic Stock Down 0.9 %

MDT opened at $90.85 on Friday. The firm has a market cap of $116.50 billion, a P/E ratio of 27.78, a PEG ratio of 2.57 and a beta of 0.84. The business’s fifty day simple moving average is $84.69 and its 200 day simple moving average is $86.28. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08. 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 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. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 earnings per share. As a group, equities research analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Medtronic 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.