Brinker Capital Investments LLC boosted its position in Medtronic plc (NYSE:MDT) by 159.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 117,874 shares of the medical technology company’s stock after acquiring an additional 72,519 shares during the quarter. Brinker Capital Investments LLC’s holdings in Medtronic were worth $13,937,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Grandview Asset Management LLC bought a new position in shares of Medtronic during the first quarter valued at about $25,000. Vantage Consulting Group Inc bought a new position in shares of Medtronic during the fourth quarter valued at about $26,000. Concord Wealth Partners bought a new position in shares of Medtronic during the fourth quarter valued at about $26,000. Safeguard Investment Advisory Group LLC bought a new position in shares of Medtronic during the fourth quarter valued at about $26,000. Finally, JCIC Asset Management Inc. grew its stake in shares of Medtronic by 335.2% during the fourth quarter. JCIC Asset Management Inc. now owns 235 shares of the medical technology company’s stock valued at $28,000 after buying an additional 181 shares during the last quarter. 79.93% of the stock is currently owned by institutional investors and hedge funds.
MDT stock opened at $124.74 on Friday. The firm’s 50 day simple moving average is $125.80. Medtronic plc has a 52-week low of $87.68 and a 52-week high of $132.30. The stock has a market capitalization of $168.16 billion, a price-to-earnings ratio of 46.89, a price-to-earnings-growth ratio of 2.45 and a beta of 0.79. The company has a quick ratio of 2.14, a current ratio of 2.65 and a debt-to-equity ratio of 0.51.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 16th. Investors of record on Friday, June 25th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, June 24th. This represents a $2.52 annualized dividend and a dividend yield of 2.02%. This is an increase from Medtronic’s previous quarterly dividend of $0.58.
In related news, EVP John R. Liddicoat sold 34,656 shares of the firm’s stock in a transaction that occurred on Friday, May 28th. The shares were sold at an average price of $126.65, for a total transaction of $4,389,182.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brett A. Wall sold 2,473 shares of the firm’s stock in a transaction that occurred on Tuesday, June 1st. The shares were sold at an average price of $128.07, for a total transaction of $316,717.11. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.
A number of analysts have recently weighed in on MDT shares. Credit Suisse Group increased their target price on shares of Medtronic from $126.00 to $130.00 and gave the stock an “outperform” rating in a report on Thursday, February 25th. Atlantic Securities started coverage on shares of Medtronic in a report on Thursday, April 15th. They set an “overweight” rating and a $153.00 target price for the company. William Blair reiterated a “market perform” rating on shares of Medtronic in a report on Thursday, May 27th. SVB Leerink increased their target price on shares of Medtronic from $129.00 to $138.00 and gave the stock a “market perform” rating in a report on Friday, May 28th. Finally, Raymond James increased their target price on shares of Medtronic from $128.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, May 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $133.33.
Medtronic Company Profile
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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