FLC Capital Advisors Acquires New Stake in Medtronic plc (NYSE:MDT)

FLC Capital Advisors purchased a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 3,869 shares of the medical technology company’s stock, valued at approximately $319,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MDT. Fairfield Bush & CO. acquired a new position in Medtronic in the 1st quarter valued at $47,000. MAS Advisors LLC boosted its position in Medtronic by 10.3% during the 1st quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock worth $266,000 after buying an additional 223 shares during the period. LSV Asset Management lifted its holdings in shares of Medtronic by 34.5% during the first quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock worth $821,000 after purchasing an additional 1,900 shares during the period. NewEdge Advisors LLC boosted its holdings in Medtronic by 22.8% in the first quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after acquiring an additional 13,895 shares during the last quarter. Finally, Kinneret Advisory LLC lifted its holdings in Medtronic by 2.3% in the first quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock valued at $1,712,000 after buying an additional 343 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.3 %

NYSE:MDT traded up $0.23 during mid-day trading on Thursday, reaching $87.15. 7,229,640 shares of the company’s stock traded hands, compared to its average volume of 6,316,845. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a 50 day moving average price of $85.23 and a 200-day moving average price of $80.73. The firm has a market capitalization of $115.72 billion, a price-to-earnings ratio of 27.82, a PEG ratio of 2.86 and a beta of 0.76.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The business had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. During the same period in the previous year, the firm earned $1.30 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, sell-side analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research reports. Oppenheimer upped their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Finally, Truist Financial raised their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.91.

Insider Activity at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by insiders.

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.