Adams Diversified Equity Fund Inc. Purchases Shares of 192,900 Medtronic plc (NYSE:MDT)

Adams Diversified Equity Fund Inc. purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 192,900 shares of the medical technology company’s stock, valued at approximately $15,409,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Guardian Wealth Management Inc. lifted its holdings in Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after purchasing an additional 115 shares during the period. MONECO Advisors LLC lifted its holdings in Medtronic by 1.8% in the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after purchasing an additional 115 shares during the period. Hardy Reed LLC lifted its holdings in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after purchasing an additional 116 shares during the period. OLD Second National Bank of Aurora lifted its holdings in Medtronic by 0.3% in the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock valued at $2,900,000 after acquiring an additional 121 shares during the last quarter. Finally, McKinley Carter Wealth Services Inc. lifted its holdings in Medtronic by 0.7% in the 4th quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company’s stock valued at $1,572,000 after acquiring an additional 129 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MDT has been the subject of a number of research analyst reports. UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Price Performance

Shares of MDT opened at $91.15 on Friday. The company has a market capitalization of $116.91 billion, a price-to-earnings ratio of 27.71, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The business’s 50-day moving average is $90.47 and its 200-day moving average is $88.06.

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

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. Medtronic’s dividend payout ratio is currently 85.11%.

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.