TD Asset Management Inc. Boosts Stock Position in Medtronic plc (NYSE:MDT)

TD Asset Management Inc. lifted its stake in shares of Medtronic plc (NYSE:MDT) by 14.7% in the fourth quarter, HoldingsChannel reports. The fund owned 1,264,969 shares of the medical technology company’s stock after acquiring an additional 161,998 shares during the period. TD Asset Management Inc.’s holdings in Medtronic were worth $101,046,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC increased its stake in Medtronic by 11.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 20,949 shares of the medical technology company’s stock worth $1,886,000 after buying an additional 2,197 shares in the last quarter. Independent Advisor Alliance lifted its holdings in Medtronic by 43.5% in the 3rd quarter. Independent Advisor Alliance now owns 43,832 shares of the medical technology company’s stock worth $3,946,000 after purchasing an additional 13,289 shares in the last quarter. DRW Securities LLC grew its holdings in Medtronic by 31.7% during the 3rd quarter. DRW Securities LLC now owns 6,288 shares of the medical technology company’s stock valued at $566,000 after buying an additional 1,512 shares in the last quarter. Loomis Sayles & Co. L P raised its position in shares of Medtronic by 6.9% during the third quarter. Loomis Sayles & Co. L P now owns 2,182 shares of the medical technology company’s stock valued at $196,000 after buying an additional 141 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Medtronic by 29.1% in the third quarter. The Manufacturers Life Insurance Company now owns 3,252,181 shares of the medical technology company’s stock worth $292,794,000 after buying an additional 732,753 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the topic of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird raised their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $88.50 on Wednesday. The firm’s 50 day simple moving average is $90.90 and its 200-day simple moving average is $88.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The firm has a market cap of $113.51 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. Medtronic’s payout ratio is presently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

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.