Medtronic plc (NYSE:MDT) Shares Acquired by Equity Investment Corp

Equity Investment Corp boosted its stake in shares of Medtronic plc (NYSE:MDT) by 0.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,462,675 shares of the medical technology company’s stock after buying an additional 4,227 shares during the period. Medtronic comprises 2.7% of Equity Investment Corp’s investment portfolio, making the stock its 10th largest holding. Equity Investment Corp’s holdings in Medtronic were worth $116,838,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its position in Medtronic by 1.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 58,474 shares of the medical technology company’s stock worth $5,264,000 after purchasing an additional 1,034 shares in the last quarter. Modera Wealth Management LLC grew its holdings 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 valued at $290,000 after buying an additional 606 shares in the last quarter. Orrstown Financial Services Inc. purchased a new position in shares of Medtronic during the third quarter valued at $211,000. Pallas Capital Advisors LLC raised its position in Medtronic by 48.0% during the third quarter. Pallas Capital Advisors LLC now owns 11,554 shares of the medical technology company’s stock valued at $1,051,000 after buying an additional 3,747 shares during the period. Finally, Fortitude Family Office LLC purchased a new stake in Medtronic in the 3rd quarter worth about $27,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MDT shares. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird boosted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Barclays increased their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 0.1 %

Shares of MDT stock opened at $90.58 on Thursday. The stock’s 50 day simple moving average is $86.65 and its 200 day simple moving average is $87.32. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market capitalization of $116.15 billion, a price-to-earnings ratio of 27.53, a PEG ratio of 2.22 and a beta of 0.84.

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

Medtronic Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. Medtronic’s dividend payout ratio is presently 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by corporate insiders.

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.