Money Concepts Capital Corp Purchases 867 Shares of Medtronic plc (NYSE:MDT)

Money Concepts Capital Corp lifted its position in shares of Medtronic plc (NYSE:MDT) by 3.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 24,765 shares of the medical technology company’s stock after acquiring an additional 867 shares during the quarter. Money Concepts Capital Corp’s holdings in Medtronic were worth $1,978,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Copley Financial Group Inc. bought a new stake in Medtronic during the 3rd quarter valued at $694,000. Olstein Capital Management L.P. lifted its stake in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Franklin Street Advisors Inc. NC boosted its position in Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock valued at $5,873,000 after purchasing an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after purchasing an additional 56,178 shares during the last quarter. Finally, Czech National Bank raised its holdings in Medtronic by 6.4% in the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after purchasing an additional 16,786 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MDT. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 0.7 %

Medtronic stock opened at $91.62 on Thursday. The stock has a 50-day moving average price of $84.58 and a 200 day moving average price of $86.24. The company has a market capitalization of $117.48 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08. 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 announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 EPS. Sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.06%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’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 transaction of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% 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.