931 Shares in Medtronic plc (NYSE:MDT) Acquired by EdgeRock Capital LLC

EdgeRock Capital LLC acquired a new stake in Medtronic plc (NYSE:MDT) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 931 shares of the medical technology company’s stock, valued at approximately $82,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. increased its stake in shares of Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after buying an additional 236,064 shares during the period. MeadowBrook Investment Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. increased its stake in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $31,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE MDT traded up $0.12 during trading on Tuesday, hitting $81.88. 4,939,706 shares of the stock traded hands, compared to its average volume of 6,184,942. The company has a market capitalization of $108.72 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. The firm has a 50-day simple moving average of $83.01 and a 200-day simple moving average of $81.69. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.04. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the company earned $1.30 EPS. As a group, analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MDT shares. Oppenheimer boosted their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Truist Financial upped their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Finally, Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $94.91.

Insider Activity

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

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.