Medtronic plc (NYSE:MDT) Shares Bought by VELA Investment Management LLC

VELA Investment Management LLC raised its holdings in shares of Medtronic plc (NYSE:MDT) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,644 shares of the medical technology company’s stock after purchasing an additional 2,066 shares during the period. Medtronic accounts for approximately 0.8% of VELA Investment Management LLC’s investment portfolio, making the stock its 26th biggest holding. VELA Investment Management LLC’s holdings in Medtronic were worth $3,007,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Peloton Wealth Strategists boosted its holdings in Medtronic by 1.9% in the fourth quarter. Peloton Wealth Strategists now owns 10,820 shares of the medical technology company’s stock worth $864,000 after acquiring an additional 200 shares in the last quarter. CORDA Investment Management LLC. raised its holdings in shares of Medtronic by 3.1% in the fourth quarter. CORDA Investment Management LLC. now owns 249,271 shares of the medical technology company’s stock worth $19,912,000 after buying an additional 7,386 shares during the last quarter. Linscomb Wealth Inc. grew its holdings in shares of Medtronic by 1.9% during the fourth quarter. Linscomb Wealth Inc. now owns 67,095 shares of the medical technology company’s stock valued at $5,360,000 after buying an additional 1,266 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Medtronic by 5.5% in the 4th quarter. QRG Capital Management Inc. now owns 419,762 shares of the medical technology company’s stock valued at $33,531,000 after acquiring an additional 21,697 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in Medtronic in the 4th quarter worth $13,132,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the topic of several research analyst reports. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Wells Fargo & Company cut their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Royal Bank of Canada restated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 0.1 %

Shares of NYSE:MDT opened at $90.67 on Friday. The business’s 50 day moving average price is $86.86 and its 200-day moving average price is $87.35. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The firm has a market capitalization of $116.26 billion, a price-to-earnings ratio of 27.56, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

Medtronic Company 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.