Novem Group Acquires New Stake in Medtronic plc (NYSE:MDT)

Novem Group acquired a new stake in Medtronic plc (NYSE:MDT) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 36,107 shares of the medical technology company’s stock, valued at approximately $2,884,000.

Several other hedge funds have also recently added to or reduced their stakes in MDT. Norges Bank acquired a new position in Medtronic in the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. acquired a new position in Medtronic in the 4th quarter valued at $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in Medtronic in the 4th quarter valued at $377,169,000. Van ECK Associates Corp raised its stake in Medtronic by 2,043.4% in the 4th 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 during the last quarter. Finally, Invesco Ltd. raised its stake in Medtronic by 17.8% in the 4th 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 during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Down 0.9%

Shares of NYSE:MDT opened at $86.19 on Wednesday. The business has a 50-day moving average price of $85.71 and a 200 day moving average price of $86.57. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $110.54 billion, a price-to-earnings ratio of 26.20, a PEG ratio of 2.22 and a beta of 0.81. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. During the same quarter in the prior year, the business posted $1.46 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is 85.11%.

Analyst Ratings Changes

Several research analysts recently commented on MDT shares. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $96.14.

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.