Medtronic plc (NYSE:MDT) Shares Bought by Prudential PLC

Prudential PLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 18.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 38,208 shares of the medical technology company’s stock after purchasing an additional 6,066 shares during the period. Prudential PLC’s holdings in Medtronic were worth $3,052,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PAX Financial Group LLC raised its stake in shares of Medtronic by 3.5% in the 4th quarter. PAX Financial Group LLC now owns 7,528 shares of the medical technology company’s stock worth $601,000 after buying an additional 252 shares in the last quarter. Foundry Partners LLC grew its holdings in Medtronic by 0.3% during the fourth quarter. Foundry Partners LLC now owns 268,311 shares of the medical technology company’s stock worth $21,433,000 after acquiring an additional 679 shares during the period. Pitcairn Co. raised its position in Medtronic by 35.6% in the fourth quarter. Pitcairn Co. now owns 29,357 shares of the medical technology company’s stock worth $2,345,000 after acquiring an additional 7,711 shares in the last quarter. Allen Wealth Management LLC raised its position in Medtronic by 6.8% in the fourth quarter. Allen Wealth Management LLC now owns 20,915 shares of the medical technology company’s stock worth $1,671,000 after acquiring an additional 1,324 shares in the last quarter. Finally, Arete Wealth Advisors LLC lifted its holdings in Medtronic by 15.6% in the 4th quarter. Arete Wealth Advisors LLC now owns 31,320 shares of the medical technology company’s stock valued at $2,499,000 after acquiring an additional 4,228 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 5.7 %

Medtronic stock opened at $82.86 on Friday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. 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 firm has a market cap of $106.28 billion, a PE ratio of 25.19, a P/E/G ratio of 2.22 and a beta of 0.79. The firm’s 50 day moving average price is $90.87 and its two-hundred day moving average price is $87.93.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.38%. Medtronic’s payout ratio is 85.11%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’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 value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird upped 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. Finally, UBS Group lifted their price target on 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, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $96.07.

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.