Cibc World Markets Corp Boosts Stock Holdings in Medtronic plc (NYSE:MDT)

Cibc World Markets Corp increased its stake in shares of Medtronic plc (NYSE:MDT) by 16.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 202,349 shares of the medical technology company’s stock after purchasing an additional 28,273 shares during the quarter. Cibc World Markets Corp’s holdings in Medtronic were worth $16,164,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Gold Investment Management Ltd. grew its position in shares of Medtronic by 1.4% during the fourth quarter. Gold Investment Management Ltd. now owns 31,000 shares of the medical technology company’s stock worth $2,476,000 after buying an additional 441 shares in the last quarter. SlateStone Wealth LLC grew its holdings in Medtronic by 1.5% during the 4th quarter. SlateStone Wealth LLC now owns 55,009 shares of the medical technology company’s stock worth $4,394,000 after acquiring an additional 829 shares in the last quarter. First National Advisers LLC grew its holdings in Medtronic by 2.9% during the 4th quarter. First National Advisers LLC now owns 28,418 shares of the medical technology company’s stock worth $2,270,000 after acquiring an additional 809 shares in the last quarter. Patten & Patten Inc. TN raised its holdings in shares of Medtronic by 29.1% in the 4th quarter. Patten & Patten Inc. TN now owns 11,539 shares of the medical technology company’s stock valued at $922,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Harbour Investments Inc. raised its holdings in shares of Medtronic by 14.5% in the 4th quarter. Harbour Investments Inc. now owns 10,812 shares of the medical technology company’s stock valued at $864,000 after purchasing an additional 1,367 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Up 0.2 %

Medtronic stock opened at $93.30 on Tuesday. The stock has a 50 day moving average of $89.88 and a two-hundred day moving average of $87.99. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a market capitalization of $119.66 billion, a price-to-earnings ratio of 28.36, a PEG ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm 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%. As a group, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. UBS Group increased their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Finally, Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic 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.