Ontario Teachers Pension Plan Board Purchases 3,395 Shares of Medtronic plc (NYSE:MDT)

Ontario Teachers Pension Plan Board raised its holdings in Medtronic plc (NYSE:MDT) by 31.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,270 shares of the medical technology company’s stock after acquiring an additional 3,395 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Medtronic were worth $1,140,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Mainstream Capital Management LLC bought a new position in Medtronic during the fourth quarter valued at about $26,000. Rakuten Securities Inc. raised its holdings in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares during the period. Stephens Consulting LLC lifted its position in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the last quarter. Fiduciary Advisors Inc. bought a new stake in Medtronic during the fourth quarter valued at about $36,000. Finally, Chelsea Counsel Co. acquired a new stake in Medtronic in the 3rd quarter valued at approximately $45,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of MDT opened at $82.26 on Wednesday. The company has a 50 day moving average of $89.39 and a 200-day moving average of $87.56. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $105.51 billion, a P/E ratio of 25.00, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were issued a $0.70 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.40%. Medtronic’s payout ratio is 85.11%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird lifted their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Finally, UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $96.14.

Insider Activity 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 stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by company 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.