702 Shares in Medtronic plc (NYSE:MDT) Acquired by Fourth Dimension Wealth LLC

Fourth Dimension Wealth LLC bought a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 702 shares of the medical technology company’s stock, valued at approximately $56,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. purchased a new stake in Medtronic during the 4th quarter valued at $174,329,000. Breed s Hill Capital LLC raised its stake in Medtronic by 24.5% during the 4th quarter. Breed s Hill Capital LLC now owns 3,970 shares of the medical technology company’s stock valued at $317,000 after buying an additional 781 shares during the last quarter. Vise Technologies Inc. raised its stake in Medtronic by 34.5% during the 4th quarter. Vise Technologies Inc. now owns 16,244 shares of the medical technology company’s stock valued at $1,298,000 after buying an additional 4,169 shares during the last quarter. Inspire Trust Co. N.A. raised its stake in Medtronic by 20.5% during the 4th quarter. Inspire Trust Co. N.A. now owns 44,000 shares of the medical technology company’s stock valued at $3,515,000 after buying an additional 7,500 shares during the last quarter. Finally, Poehling Capital Management INC. raised its stake in Medtronic by 0.4% during the 4th quarter. Poehling Capital Management INC. now owns 70,112 shares of the medical technology company’s stock valued at $5,601,000 after buying an additional 310 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Robert W. Baird decreased their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday. Royal Bank of Canada cut their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, May 19th. Finally, Truist Financial cut their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $96.07.

Medtronic Trading Down 0.3%

Shares of Medtronic stock opened at $80.70 on Friday. The company has a market capitalization of $103.51 billion, a P/E ratio of 24.53, a P/E/G ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a fifty day moving average of $85.06 and a 200 day moving average of $86.44. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Medtronic’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.52%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is currently 85.11%.

Medtronic Company 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.