VELA Investment Management LLC Raises Stock Holdings in Medtronic plc (NYSE:MDT)

VELA Investment Management LLC grew its stake in shares of Medtronic plc (NYSE:MDT) by 5.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,644 shares of the medical technology company’s stock after buying an additional 2,066 shares during the period. Medtronic accounts for 0.8% of VELA Investment Management LLC’s portfolio, making the stock its 26th biggest holding. VELA Investment Management LLC’s holdings in Medtronic were worth $3,007,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the third quarter worth approximately $27,000. Fortitude Family Office LLC bought a new position in Medtronic in the 3rd quarter worth $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the 3rd quarter worth $27,000. Stephens Consulting LLC increased its stake in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares in the last quarter. Finally, J. Stern & Co. LLP bought a new stake in Medtronic during the third quarter valued at about $30,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.1 %

Shares of MDT stock opened at $90.67 on Friday. The company has a market cap of $116.26 billion, a PE ratio of 27.56, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The stock’s 50 day simple moving average is $86.86 and its two-hundred day simple moving average is $87.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.09%. Medtronic’s payout ratio is 85.11%.

Analysts Set New Price Targets

Several analysts recently issued reports on MDT shares. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Sanford C. Bernstein lifted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Finally, Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five 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 an average rating of “Hold” and a consensus price target of $95.00.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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.