Patrick M Sweeney & Associates Inc. Makes New Investment in Medtronic plc (NYSE:MDT)

Patrick M Sweeney & Associates Inc. acquired a new stake in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 5,625 shares of the medical technology company’s stock, valued at approximately $463,000.

Other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in shares of Medtronic in the fourth quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. raised its holdings in Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the period. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic during the 4th quarter worth $27,000. Financial Gravity Asset Management Inc. boosted its holdings in Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at about $31,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

MDT traded down $0.35 on Wednesday, reaching $81.55. The stock had a trading volume of 4,159,638 shares, compared to its average volume of 6,162,186. The firm has a 50-day moving average of $83.01 and a 200-day moving average of $81.69. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company has a market capitalization of $108.28 billion, a price-to-earnings ratio of 26.01, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

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. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same quarter last year, the business earned $1.30 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.38%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is presently 87.90%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Oppenheimer increased their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Mizuho raised their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Truist Financial lifted their target price on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $94.91.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of the stock in a transaction 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 completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $2,613,065.35. Following the completion of the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

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.