Medtronic plc (NYSE:MDT) Shares Purchased by Davis Capital Management

Davis Capital Management lifted its position in Medtronic plc (NYSE:MDT) by 36.9% in the fourth quarter, Holdings Channel reports. The firm owned 5,894 shares of the medical technology company’s stock after acquiring an additional 1,589 shares during the period. Davis Capital Management’s holdings in Medtronic were worth $471,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Edgestream Partners L.P. purchased a new stake in Medtronic during the 2nd quarter valued at approximately $239,000. AE Wealth Management LLC grew its holdings in shares of Medtronic by 24.7% in the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after acquiring an additional 1,896 shares during the period. Mount Yale Investment Advisors LLC grew its holdings in shares of Medtronic by 38.5% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 10,013 shares of the medical technology company’s stock worth $788,000 after acquiring an additional 2,786 shares during the period. Public Sector Pension Investment Board grew its holdings in shares of Medtronic by 68.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 51,014 shares of the medical technology company’s stock worth $4,015,000 after acquiring an additional 20,660 shares during the period. Finally, Evergreen Capital Management LLC grew its holdings in Medtronic by 17.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 11,422 shares of the medical technology company’s stock valued at $907,000 after buying an additional 1,736 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 0.3 %

Shares of MDT opened at $88.35 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $113.29 billion, a P/E ratio of 27.02, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The stock’s fifty day simple moving average is $83.64 and its 200 day simple moving average is $85.29. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the company posted $1.25 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of analyst reports. 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. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is currently owned by corporate 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.