Hall Capital Management Co. Inc. Invests $337,000 in Medtronic plc (NYSE:MDT)

Hall Capital Management Co. Inc. acquired a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 4,218 shares of the medical technology company’s stock, valued at approximately $337,000.

Several other institutional investors also recently bought and sold shares of MDT. Norges Bank purchased a new position in Medtronic during the 4th quarter worth $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic during the 4th quarter worth $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic during the 4th quarter worth $377,169,000. Van ECK Associates Corp increased its holdings in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the period. Finally, Invesco Ltd. increased its holdings in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.3%

Medtronic stock opened at $80.70 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a market capitalization of $103.51 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 2.22 and a beta of 0.81. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The business has a fifty day moving average price of $85.06 and a 200-day moving average price of $86.41.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.52%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Wall Street Analyst Weigh In

Several research analysts have commented on MDT shares. Royal Bank of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday. Mizuho reduced their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic 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.