Bernard Wealth Management Corp. Invests $160,000 in Medtronic plc (NYSE:MDT)

Bernard Wealth Management Corp. purchased a new stake in shares of Medtronic plc (NYSE:MDT) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,884 shares of the medical technology company’s stock, valued at approximately $160,000.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Medtronic during the fourth quarter valued at $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic during the 4th quarter valued at about $852,732,000. Beutel Goodman & Co Ltd. purchased a new stake in Medtronic in the fourth quarter worth approximately $377,169,000. Van ECK Associates Corp grew its position in Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the period. Finally, Invesco Ltd. raised its stake in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after buying an additional 2,333,600 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Medtronic Stock Performance

MDT opened at $83.10 on Tuesday. The stock has a market capitalization of $106.58 billion, a price-to-earnings ratio of 25.26, a PEG ratio of 2.22 and a beta of 0.79. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a fifty day moving average of $90.68 and a 200 day moving average of $87.89.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Friday, March 28th. Medtronic’s payout ratio is 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is owned by company insiders.

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.