Tidal Investments LLC Has $6.77 Million Stake in Medtronic plc (NYSE:MDT)

Tidal Investments LLC lowered its stake in Medtronic plc (NYSE:MDT) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 84,801 shares of the medical technology company’s stock after selling 2,050 shares during the quarter. Tidal Investments LLC’s holdings in Medtronic were worth $6,774,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Norges Bank acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $377,169,000. Van ECK Associates Corp increased its holdings in shares of Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after purchasing an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MDT shares. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Robert W. Baird upped their target price on shares of 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 reiterated a “hold” rating on shares of Medtronic in a research report on Monday. Finally, UBS Group upped their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $96.14.

Medtronic Price Performance

Shares of MDT stock opened at $86.94 on Tuesday. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The firm has a market capitalization of $111.50 billion, a price-to-earnings ratio of 26.43, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $85.83 and a 200-day moving average of $86.57.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. On average, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.22%. Medtronic’s dividend payout ratio is currently 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.