Syon Capital LLC Buys New Position in Medtronic plc (NYSE:MDT)

Syon Capital LLC bought a new stake in Medtronic plc (NYSE:MDT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,852 shares of the medical technology company’s stock, valued at approximately $564,000.

Other institutional investors also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. increased its stake in Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in shares of Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. raised its stake in shares of Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Medtronic in the third quarter worth $31,000. 82.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Stock Up 0.6 %

Shares of MDT opened at $79.73 on Friday. The business’s 50 day simple moving average is $83.53 and its 200-day simple moving average is $81.16. Medtronic plc has a one year low of $68.84 and a one year high of $92.02. The company has a market capitalization of $105.87 billion, a P/E ratio of 25.39, a PEG ratio of 2.71 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.46%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is presently 87.90%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MDT. Mizuho increased their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer upped their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Truist Financial raised their price target on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Finally, 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $94.91.

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.