Meridiem Capital Partners LP Makes New $12.58 Million Investment in Medtronic plc (NYSE:MDT)

Meridiem Capital Partners LP acquired a new position in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 157,481 shares of the medical technology company’s stock, valued at approximately $12,580,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new position in Medtronic during the 4th quarter worth $26,000. Stephens Consulting LLC increased its stake in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the period. Rakuten Securities Inc. boosted its holdings in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Medtronic in the 4th quarter valued at $31,000. Finally, Chapman Financial Group LLC bought a new position in shares of Medtronic in the 4th quarter valued at $33,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Medtronic Stock Up 2.7%

Shares of MDT opened at $85.70 on Tuesday. The company has a market capitalization of $109.91 billion, a PE ratio of 26.05, a PEG ratio of 2.22 and a beta of 0.81. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock’s 50-day moving average price is $86.59 and its two-hundred day moving average price is $86.73. 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 (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s dividend payout ratio is 85.11%.

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.