Motco grew its stake in shares of Medtronic PLC (NYSE:MDT) by 463.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 789 shares of the medical technology company’s stock after acquiring an additional 649 shares during the period. Motco’s holdings in Medtronic were worth $90,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Medtronic by 0.4% during the 2nd quarter. BlackRock Inc. now owns 107,191,111 shares of the medical technology company’s stock valued at $10,439,341,000 after acquiring an additional 413,027 shares during the last quarter. State Street Corp lifted its position in shares of Medtronic by 1.0% during the 4th quarter. State Street Corp now owns 57,863,179 shares of the medical technology company’s stock valued at $6,595,491,000 after acquiring an additional 567,864 shares during the last quarter. Sanders Capital LLC lifted its position in shares of Medtronic by 10.6% during the 4th quarter. Sanders Capital LLC now owns 6,765,155 shares of the medical technology company’s stock valued at $868,534,000 after acquiring an additional 647,278 shares during the last quarter. California Public Employees Retirement System lifted its position in shares of Medtronic by 11.9% during the 3rd quarter. California Public Employees Retirement System now owns 5,125,054 shares of the medical technology company’s stock valued at $556,683,000 after acquiring an additional 545,367 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Medtronic by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 4,050,323 shares of the medical technology company’s stock valued at $459,509,000 after acquiring an additional 36,206 shares during the last quarter. Institutional investors own 80.78% of the company’s stock.
In other news, EVP Robert John White sold 52,166 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $110.62, for a total value of $5,770,602.92. Following the transaction, the executive vice president now directly owns 77,510 shares of the company’s stock, valued at $8,574,156.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard H. Anderson purchased 5,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $111.13 per share, for a total transaction of $555,650.00. The disclosure for this purchase can be found here. Corporate insiders own 0.28% of the company’s stock.
Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.03. Medtronic had a net margin of 15.11% and a return on equity of 14.52%. The company had revenue of $7.71 billion for the quarter, compared to the consensus estimate of $7.66 billion. During the same period in the previous year, the business earned $1.22 EPS. The company’s revenue was up 3.0% on a year-over-year basis. Equities research analysts anticipate that Medtronic PLC will post 5.6 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Friday, December 27th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Thursday, December 26th. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.
A number of equities research analysts have recently commented on MDT shares. Piper Sandler increased their price objective on Medtronic from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price objective on Medtronic from $122.00 to $128.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Guggenheim upgraded Medtronic from a “neutral” rating to a “buy” rating and set a $135.00 price objective for the company in a research report on Thursday, January 2nd. They noted that the move was a valuation call. Piper Jaffray Companies boosted their target price on shares of Medtronic to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their target price on shares of Medtronic from $118.00 to $122.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the stock. Medtronic has an average rating of “Buy” and an average target price of $120.48.
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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