Phoenix Financial Ltd. Raises Stake in Medtronic plc (NYSE:MDT)

Phoenix Financial Ltd. grew its holdings in Medtronic plc (NYSE:MDT) by 5.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 5,014 shares of the medical technology company’s stock after buying an additional 277 shares during the period. Phoenix Financial Ltd.’s holdings in Medtronic were worth $403,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MDT. F M Investments LLC raised its stake in Medtronic by 188.4% during the 4th quarter. F M Investments LLC now owns 109,680 shares of the medical technology company’s stock valued at $8,761,000 after acquiring an additional 71,647 shares during the last quarter. CenterBook Partners LP increased its holdings in shares of Medtronic by 86.4% in the fourth quarter. CenterBook Partners LP now owns 16,344 shares of the medical technology company’s stock valued at $1,306,000 after purchasing an additional 7,577 shares during the period. Azimuth Capital Investment Management LLC raised its stake in shares of Medtronic by 3.8% during the fourth quarter. Azimuth Capital Investment Management LLC now owns 87,920 shares of the medical technology company’s stock worth $7,023,000 after purchasing an additional 3,250 shares during the last quarter. Faithward Advisors LLC lifted its holdings in shares of Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock worth $403,000 after purchasing an additional 134 shares during the period. Finally, APG Asset Management N.V. purchased a new position in Medtronic in the 4th quarter valued at $54,423,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the subject of a number of analyst reports. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $96.14.

Medtronic Price Performance

Medtronic stock opened at $82.69 on Friday. The firm has a market capitalization of $106.05 billion, a PE ratio of 25.13, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The firm’s 50-day simple moving average is $89.71 and its 200 day simple moving average is $87.65. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations 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 predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a $0.70 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.39%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

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.