Bearing Point Capital LLC Takes $690,000 Position in Medtronic plc (NYSE:MDT)

Bearing Point Capital LLC bought a new position in Medtronic plc (NYSE:MDT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 8,635 shares of the medical technology company’s stock, valued at approximately $690,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after purchasing an additional 754,395 shares during the last quarter. Capital Research Global Investors grew its position in Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock valued at $2,652,310,000 after acquiring an additional 571,700 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after acquiring an additional 574,055 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Medtronic in the 4th quarter valued at $1,163,580,000. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. UBS Group upped their price target 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. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Robert W. Baird boosted their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial cut their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $96.14.

Medtronic Stock Performance

Shares of Medtronic stock opened at $84.74 on Friday. The business has a fifty day simple moving average of $87.65 and a two-hundred day simple moving average of $87.07. The firm has a market capitalization of $108.68 billion, a P/E ratio of 25.76, a P/E/G ratio of 2.22 and a beta of 0.79. 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 plc has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping 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 business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. On average, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Friday, March 28th. Medtronic’s payout ratio is 85.11%.

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.