Foster & Motley Inc. Purchases 7,259 Shares of Medtronic plc (NYSE:MDT)

Foster & Motley Inc. lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 83.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 15,969 shares of the medical technology company’s stock after acquiring an additional 7,259 shares during the period. Foster & Motley Inc.’s holdings in Medtronic were worth $1,316,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Pzena Investment Management LLC raised its stake in shares of Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after buying an additional 3,037,394 shares during the period. Morgan Stanley raised its stake in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Medtronic by 30.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock worth $406,004,000 after acquiring an additional 1,199,639 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Medtronic by 78.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,356,359 shares of the medical technology company’s stock worth $184,644,000 after purchasing an additional 1,035,747 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after purchasing an additional 1,026,274 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Medtronic Stock Performance

NYSE MDT opened at $81.28 on Wednesday. The company has a market capitalization of $107.93 billion, a P/E ratio of 25.89, a PEG ratio of 2.76 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The business has a 50 day moving average price of $83.80 and a 200 day moving average price of $81.14.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share 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 company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same quarter last year, the business earned $1.30 EPS. Medtronic’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

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.