Twinbeech Capital LP Invests $44.85 Million in Medtronic plc (NYSE:MDT)

Twinbeech Capital LP acquired a new position in Medtronic plc (NYSE:MDT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 561,402 shares of the medical technology company’s stock, valued at approximately $44,845,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $26,000. Stephens Consulting LLC raised its stake in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the last quarter. Rakuten Securities Inc. raised its stake in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $31,000. Finally, Chapman Financial Group LLC purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $33,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of NYSE MDT opened at $86.41 on Monday. The stock has a fifty day simple moving average of $85.93 and a two-hundred day simple moving average of $86.60. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The firm has a market cap of $110.83 billion, a price-to-earnings ratio of 26.27, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. 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 posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Friday, March 28th. Medtronic’s payout ratio is currently 85.11%.

Analyst Ratings Changes

A number of analysts recently commented on MDT shares. Robert W. Baird increased their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial decreased their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $96.14.

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.