Addenda Capital Inc. Increases Stake in Medtronic plc (NYSE:MDT)

Addenda Capital Inc. raised its holdings in shares of Medtronic plc (NYSE:MDT) by 25.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,611 shares of the medical technology company’s stock after buying an additional 16,471 shares during the period. Addenda Capital Inc.’s holdings in Medtronic were worth $6,564,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Edgestream Partners L.P. bought a new position in shares of Medtronic in the second quarter worth approximately $239,000. AE Wealth Management LLC boosted its position in shares of Medtronic by 24.7% in the second quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after purchasing an additional 1,896 shares during the period. Pacer Advisors Inc. boosted its position in shares of Medtronic by 37.6% in the second quarter. Pacer Advisors Inc. now owns 124,197 shares of the medical technology company’s stock worth $9,776,000 after purchasing an additional 33,959 shares during the period. Ensign Peak Advisors Inc boosted its position in shares of Medtronic by 5.9% in the second quarter. Ensign Peak Advisors Inc now owns 388,629 shares of the medical technology company’s stock worth $30,589,000 after purchasing an additional 21,545 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its position in shares of Medtronic by 6,340.2% during the second quarter. Frank Rimerman Advisors LLC now owns 22,412 shares of the medical technology company’s stock worth $1,764,000 after acquiring an additional 22,064 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MDT shares. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. decreased their price target 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Trading Up 1.2 %

MDT stock opened at $88.23 on Tuesday. The company has a market capitalization of $113.13 billion, a PE ratio of 26.98, a P/E/G ratio of 2.49 and a beta of 0.83. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The firm’s 50-day moving average is $83.64 and its 200 day moving average is $85.21. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 EPS. On average, research analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by company insiders.

About Medtronic

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.