Summit Investment Advisory Services LLC Buys 1,444 Shares of Medtronic plc (NYSE:MDT)

Summit Investment Advisory Services LLC raised its stake in shares of Medtronic plc (NYSE:MDT) by 46.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 4,572 shares of the medical technology company’s stock after acquiring an additional 1,444 shares during the period. Summit Investment Advisory Services LLC’s holdings in Medtronic were worth $377,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hartford Financial Management Inc. lifted its stake in shares of Medtronic by 425.0% in the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 255 shares during the period. Fortitude Family Office LLC bought a new position in shares of Medtronic in the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. lifted its stake in shares of Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. lifted its stake in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC bought a new position in shares of Medtronic in the 3rd quarter worth approximately $31,000. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Medtronic Price Performance

MDT traded up $0.23 during trading on Friday, reaching $87.15. 7,579,459 shares of the company traded hands, compared to its average volume of 6,365,203. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The firm has a fifty day simple moving average of $85.23 and a 200 day simple moving average of $80.73. The company has a market cap of $115.72 billion, a P/E ratio of 27.75, a PEG ratio of 2.97 and a beta of 0.76.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same period last year, the firm posted $1.30 EPS. The company’s revenue was up 4.7% on a year-over-year basis. On average, equities analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MDT shares. Truist Financial increased their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer increased their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Finally, Mizuho increased their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $94.91.

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.