E Fund Management Co. Ltd. Raises Stock Position in Medtronic plc (NYSE:MDT)

E Fund Management Co. Ltd. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 81.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,132 shares of the medical technology company’s stock after purchasing an additional 3,202 shares during the period. E Fund Management Co. Ltd.’s holdings in Medtronic were worth $570,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mainstream Capital Management LLC purchased a new stake in Medtronic during the fourth quarter worth about $26,000. Darwin Wealth Management LLC purchased a new stake in Medtronic during the third quarter worth about $27,000. Stephens Consulting LLC increased its stake in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the period. J. Stern & Co. LLP purchased a new stake in Medtronic during the third quarter worth about $30,000. Finally, Fiduciary Advisors Inc. purchased a new stake in Medtronic during the fourth quarter worth about $36,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock opened at $94.58 on Friday. The firm has a market capitalization of $121.30 billion, a P/E ratio of 28.75, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $95.57. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm’s 50 day moving average is $88.33 and its two-hundred day moving average is $87.78.

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

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.96%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. UBS Group boosted their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the stock from $92.00 to $107.00 in a research note on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. JPMorgan Chase & Co. cut their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Finally, Robert W. Baird upped their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $96.07.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.

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.