Northstar Investment Advisors LLC reduced its holdings in Medtronic PLC (NYSE:MDT) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 106,144 shares of the medical technology company’s stock after selling 4,337 shares during the quarter. Medtronic comprises 2.1% of Northstar Investment Advisors LLC’s portfolio, making the stock its 13th biggest holding. Northstar Investment Advisors LLC’s holdings in Medtronic were worth $9,655,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in Medtronic by 89,912.5% during the third quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock worth $1,673,505,000 after purchasing an additional 16,993,455 shares during the period. Nordea Investment Management AB bought a new position in Medtronic during the third quarter worth about $738,453,000. Pendal Group Ltd lifted its stake in Medtronic by 28,068.1% during the third quarter. Pendal Group Ltd now owns 3,177,643 shares of the medical technology company’s stock worth $312,585,000 after purchasing an additional 3,166,362 shares during the period. Renaissance Technologies LLC bought a new position in Medtronic during the third quarter worth about $171,182,000. Finally, Man Group plc lifted its stake in Medtronic by 201.2% during the third quarter. Man Group plc now owns 2,200,206 shares of the medical technology company’s stock worth $216,435,000 after purchasing an additional 1,469,757 shares during the period. 80.79% of the stock is currently owned by institutional investors.
MDT traded down $0.98 during trading on Friday, reaching $83.86. 596,185 shares of the company’s stock were exchanged, compared to its average volume of 6,761,999. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.11 and a current ratio of 2.56. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $100.15. The firm has a market capitalization of $113.22 billion, a PE ratio of 17.58, a P/E/G ratio of 2.19 and a beta of 0.93.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 20th. The medical technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. The firm had revenue of $7.48 billion during the quarter, compared to analyst estimates of $7.35 billion. During the same quarter in the previous year, the business earned $1.07 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts forecast that Medtronic PLC will post 5.13 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 18th. Shareholders of record on Friday, December 28th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Thursday, December 27th. Medtronic’s dividend payout ratio is presently 41.93%.
In other Medtronic news, CEO Omar Ishrak bought 12,000 shares of the stock in a transaction on Wednesday, January 9th. The stock was purchased at an average price of $84.05 per share, with a total value of $1,008,600.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Karen L. Parkhill bought 3,000 shares of the stock in a transaction on Wednesday, January 9th. The shares were acquired at an average cost of $83.87 per share, with a total value of $251,610.00. The disclosure for this purchase can be found here. 0.28% of the stock is currently owned by insiders.
Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Medtronic from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $100.00 to $109.00 in a report on Wednesday, December 19th. Oppenheimer reaffirmed a “buy” rating and set a $104.00 price objective on shares of Medtronic in a report on Tuesday, November 20th. Zacks Investment Research raised shares of Medtronic from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Tuesday, October 23rd. Barclays dropped their price objective on shares of Medtronic from $113.00 to $104.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, ValuEngine lowered shares of Medtronic from a “buy” rating to a “hold” rating in a report on Monday. Nine analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Medtronic currently has an average rating of “Buy” and an average price target of $104.38.
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Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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