Arlington Trust Co LLC Makes New $69,000 Investment in Medtronic plc (NYSE:MDT)

Arlington Trust Co LLC acquired a new position in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, HoldingsChannel reports. The firm acquired 842 shares of the medical technology company’s stock, valued at approximately $69,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Hartford Financial Management Inc. raised its holdings in shares of Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after acquiring an additional 255 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the fourth quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. grew its position in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 236,064 shares in the last quarter. Financial Gravity Asset Management Inc. grew its position in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Medtronic in the third quarter valued at $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated 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 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 document filed with the SEC, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

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

Medtronic Stock Performance

Shares of MDT opened at $84.56 on Monday. The firm has a 50-day moving average of $85.17 and a 200-day moving average of $80.91. Medtronic plc has a one year low of $68.84 and a one year high of $92.02. The company has a market cap of $112.28 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 2.89 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 (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The company had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.30 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be paid a $0.69 dividend. The ex-dividend date is Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.26%. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

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.