Novem Group Purchases Shares of 36,107 Medtronic plc (NYSE:MDT)

Novem Group purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 36,107 shares of the medical technology company’s stock, valued at approximately $2,884,000.

Other hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. increased its holdings in Medtronic by 3.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 60,400 shares of the medical technology company’s stock worth $4,825,000 after buying an additional 1,926 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new position in Medtronic in the 4th quarter worth approximately $280,000. Merit Financial Group LLC increased its holdings in Medtronic by 327.8% in the 4th quarter. Merit Financial Group LLC now owns 23,270 shares of the medical technology company’s stock worth $1,859,000 after buying an additional 17,831 shares during the period. Addenda Capital Inc. increased its holdings in Medtronic by 25.3% in the 4th quarter. Addenda Capital Inc. now owns 81,611 shares of the medical technology company’s stock worth $6,564,000 after buying an additional 16,471 shares during the period. Finally, Ballentine Partners LLC increased its holdings in Medtronic by 24.6% in the 4th quarter. Ballentine Partners LLC now owns 16,287 shares of the medical technology company’s stock worth $1,301,000 after buying an additional 3,215 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of several research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has an average rating of “Hold” and an average price target of $96.14.

Medtronic Trading Down 0.9%

Medtronic stock opened at $86.19 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock’s 50 day simple moving average is $85.71 and its two-hundred day simple moving average is $86.57. The firm has a market cap of $110.54 billion, a PE ratio of 26.20, a P/E/G ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. During the same quarter last year, the business posted $1.46 EPS. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a dividend of $0.70 per share. The ex-dividend date was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.25%. Medtronic’s dividend payout ratio (DPR) is 85.11%.

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.