Meeder Asset Management Inc. raised its holdings in Medtronic plc (NYSE:MDT) by 1,169.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 115,146 shares of the medical technology company’s stock after acquiring an additional 106,075 shares during the period. Medtronic makes up 0.7% of Meeder Asset Management Inc.’s investment portfolio, making the stock its 27th largest position. Meeder Asset Management Inc.’s holdings in Medtronic were worth $13,602,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vantage Consulting Group Inc bought a new position in Medtronic during the 4th quarter worth approximately $26,000. Concord Wealth Partners bought a new stake in shares of Medtronic in the 4th quarter worth approximately $26,000. Safeguard Investment Advisory Group LLC purchased a new position in shares of Medtronic in the 4th quarter valued at approximately $26,000. JCIC Asset Management Inc. lifted its stake in shares of Medtronic by 335.2% in the 4th quarter. JCIC Asset Management Inc. now owns 235 shares of the medical technology company’s stock valued at $28,000 after purchasing an additional 181 shares during the period. Finally, Diversified LLC purchased a new position in shares of Medtronic in the 4th quarter valued at approximately $25,000. 79.17% of the stock is currently owned by institutional investors.
MDT has been the subject of a number of research analyst reports. Stifel Nicolaus raised their target price on Medtronic from $132.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, March 2nd. Atlantic Securities began coverage on Medtronic in a research note on Wednesday, April 21st. They set an “overweight” rating and a $153.00 price objective for the company. Raymond James lifted their price objective on Medtronic from $122.00 to $128.00 and gave the company an “outperform” rating in a research note on Wednesday, March 3rd. SVB Leerink lifted their price objective on Medtronic from $123.00 to $129.00 and gave the company a “market perform” rating in a research note on Tuesday, March 2nd. Finally, Cowen lifted their price objective on Medtronic from $120.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $124.30.
Shares of MDT traded down $2.51 during mid-day trading on Tuesday, reaching $128.69. 67,860 shares of the company’s stock traded hands, compared to its average volume of 4,630,556. The stock has a market cap of $173.48 billion, a P/E ratio of 49.84, a P/E/G ratio of 3.65 and a beta of 0.70. The stock’s 50-day moving average is $122.77 and its two-hundred day moving average is $116.16. Medtronic plc has a 12 month low of $87.68 and a 12 month high of $132.30. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.16 and a quick ratio of 1.79.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.14. The firm had revenue of $7.78 billion for the quarter, compared to analysts’ expectations of $7.77 billion. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.44 earnings per share. Research analysts predict that Medtronic plc will post 4.21 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 16th. Investors of record on Friday, March 26th were paid a $0.58 dividend. The ex-dividend date was Thursday, March 25th. This represents a $2.32 annualized dividend and a yield of 1.80%. Medtronic’s dividend payout ratio (DPR) is currently 50.54%.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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