Mengis Capital Management Inc. Boosts Stake in Medtronic plc (NYSE:MDT)

Mengis Capital Management Inc. raised its position in Medtronic plc (NYSE:MDT) by 2.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,244 shares of the medical technology company’s stock after buying an additional 1,871 shares during the period. Medtronic makes up about 1.5% of Mengis Capital Management Inc.’s holdings, making the stock its 16th biggest holding. Mengis Capital Management Inc.’s holdings in Medtronic were worth $7,289,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Assenagon Asset Management S.A. boosted its position in Medtronic by 1.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 58,474 shares of the medical technology company’s stock valued at $5,264,000 after buying an additional 1,034 shares during the last quarter. Allworth Financial LP lifted its position in shares of Medtronic by 11.2% during the third quarter. Allworth Financial LP now owns 28,353 shares of the medical technology company’s stock worth $2,553,000 after purchasing an additional 2,859 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Medtronic by 19.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 84,497 shares of the medical technology company’s stock worth $7,547,000 after purchasing an additional 13,952 shares during the last quarter. Modera Wealth Management LLC lifted its position in shares of Medtronic by 23.2% during the third quarter. Modera Wealth Management LLC now owns 3,221 shares of the medical technology company’s stock worth $290,000 after purchasing an additional 606 shares during the last quarter. Finally, Clear Harbor Asset Management LLC lifted 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 during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on 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 owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT opened at $90.27 on Tuesday. The firm’s 50 day moving average is $86.26 and its two-hundred day moving average is $87.24. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08. The firm has a market capitalization of $115.76 billion, a P/E ratio of 27.44, a PEG ratio of 2.22 and a beta of 0.84. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.10%. Medtronic’s dividend payout ratio is presently 85.11%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Sanford C. Bernstein increased their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

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.