Medtronic plc (NYSE:MDT) Shares Purchased by Red Spruce Capital LLC

Red Spruce Capital LLC grew its stake in Medtronic plc (NYSE:MDT) by 18.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,552 shares of the medical technology company’s stock after purchasing an additional 3,552 shares during the period. Red Spruce Capital LLC’s holdings in Medtronic were worth $1,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares in the last quarter. Bank of Montreal Can raised its position in Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after acquiring an additional 1,790,483 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Medtronic by 58.4% in the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after purchasing an additional 1,420,263 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.3 %

Shares of NYSE MDT opened at $88.35 on Wednesday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The business’s 50 day moving average is $83.64 and its two-hundred day moving average is $85.29. The firm has a market cap of $113.29 billion, a price-to-earnings ratio of 27.02, a PEG ratio of 2.49 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. Research analysts predict that Medtronic plc will post 5.45 EPS 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 of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Barclays increased their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Robert W. Baird dropped their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $95.00.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was 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 of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

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.