Raymond James Trust N.A. Grows Stake in Medtronic plc (NYSE:MDT)


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Raymond James Trust N.A. grew its holdings in Medtronic plc (NYSE:MDT) by 2.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 63,867 shares of the medical technology company’s stock after acquiring an additional 1,527 shares during the period. Raymond James Trust N.A.’s holdings in Medtronic were worth $7,482,000 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 MDT. Two Sigma Advisers LP lifted its holdings in Medtronic by 393.8% in the 2nd quarter. Two Sigma Advisers LP now owns 1,574,920 shares of the medical technology company’s stock worth $144,420,000 after buying an additional 1,255,988 shares during the period. Coho Partners Ltd. purchased a new stake in Medtronic in the 3rd quarter worth approximately $124,511,000. BlackRock Inc. lifted its holdings in Medtronic by 0.9% in the 3rd quarter. BlackRock Inc. now owns 112,167,184 shares of the medical technology company’s stock worth $11,656,415,000 after buying an additional 957,298 shares during the period. Nuveen Asset Management LLC lifted its holdings in Medtronic by 14.3% in the 3rd quarter. Nuveen Asset Management LLC now owns 7,627,002 shares of the medical technology company’s stock worth $792,599,000 after buying an additional 955,250 shares during the period. Finally, Polar Capital LLP lifted its holdings in Medtronic by 159.2% in the 3rd quarter. Polar Capital LLP now owns 1,169,376 shares of the medical technology company’s stock worth $121,522,000 after buying an additional 718,244 shares during the period. Institutional investors and hedge funds own 68.87% of the company’s stock.

In related news, SVP Carol A. Surface sold 15,000 shares of Medtronic stock in a transaction on Monday, December 28th. The stock was sold at an average price of $114.90, for a total value of $1,723,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert John White sold 10,930 shares of the company’s stock in a transaction on Friday, December 18th. The shares were sold at an average price of $115.46, for a total value of $1,261,977.80. Following the sale, the executive vice president now owns 55,852 shares of the company’s stock, valued at approximately $6,448,671.92. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.

Several equities research analysts have weighed in on MDT shares. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on Medtronic from $120.00 to $128.00 in a report on Wednesday, November 25th. Piper Sandler increased their target price on Medtronic from $120.00 to $130.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 24th. Oppenheimer increased their target price on Medtronic from $122.00 to $128.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 25th. SVB Leerink increased their target price on Medtronic from $110.00 to $123.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 25th. Finally, Morgan Stanley raised Medtronic from an “equal weight” rating to an “overweight” rating and set a $140.00 target price for the company in a research report on Tuesday, December 15th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $120.93.

MDT stock traded up $1.43 on Wednesday, reaching $118.72. 4,046,719 shares of the company traded hands, compared to its average volume of 3,864,810. The company has a market cap of $159.80 billion, a P/E ratio of 45.31, a price-to-earnings-growth ratio of 3.58 and a beta of 0.69. The firm has a fifty day simple moving average of $115.11 and a 200-day simple moving average of $105.81. Medtronic plc has a one year low of $72.13 and a one year high of $122.15. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.16 and a quick ratio of 1.79.

Medtronic (NYSE:MDT) last posted its earnings results on Monday, November 23rd. The medical technology company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.22. The business had revenue of $7.65 billion during the quarter, compared to analyst estimates of $7.05 billion. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. During the same quarter last year, the company earned $0.45 EPS. On average, sell-side analysts forecast that Medtronic plc will post 4.2 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Tuesday, December 22nd will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, December 18th. Medtronic’s payout ratio is 50.54%.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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