Exchange Capital Management Inc. Purchases 1,359 Shares of Medtronic plc (NYSE:MDT)

Exchange Capital Management Inc. grew its position in shares of Medtronic plc (NYSE:MDT) by 3.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 37,679 shares of the medical technology company’s stock after acquiring an additional 1,359 shares during the period. Exchange Capital Management Inc.’s holdings in Medtronic were worth $3,010,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MDT. Assenagon Asset Management S.A. boosted its stake 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 worth $5,264,000 after purchasing an additional 1,034 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Medtronic by 11.2% in the third quarter. Allworth Financial LP now owns 28,353 shares of the medical technology company’s stock worth $2,553,000 after acquiring an additional 2,859 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Medtronic by 19.8% in 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 boosted its holdings in shares of Medtronic by 23.2% in the third quarter. Modera Wealth Management LLC now owns 3,221 shares of the medical technology company’s stock worth $290,000 after buying an additional 606 shares during the last quarter. Finally, Clear Harbor Asset Management LLC grew its holdings in 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 valued at $861,000 after purchasing an additional 111 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MDT shares. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. UBS Group lifted their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Robert W. Baird increased their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Trading Up 0.4 %

MDT opened at $90.27 on Tuesday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08. The business has a fifty day simple moving average of $86.26 and a 200-day simple moving average of $87.24. The firm has a market cap of $115.76 billion, a P/E ratio of 27.44, a P/E/G ratio of 2.22 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last released 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 firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

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

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by company insiders.

Medtronic Company 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.