Syntax Research Inc. Boosts Position in Medtronic plc (NYSE:MDT)

Syntax Research Inc. increased its stake in Medtronic plc (NYSE:MDT) by 4.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 5,814 shares of the medical technology company’s stock after acquiring an additional 228 shares during the quarter. Syntax Research Inc.’s holdings in Medtronic were worth $479,000 as of its most recent SEC filing.

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

Medtronic Stock Performance

Shares of MDT traded up $0.82 during midday trading on Monday, hitting $80.95. 2,763,268 shares of the stock traded hands, compared to its average volume of 6,241,932. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The firm has a market capitalization of $107.49 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 2.74 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The business’s 50 day moving average price is $84.65 and its two-hundred day moving average price is $81.01.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. The business 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.30 earnings per share. Equities research analysts predict that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.41%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

Insider Buying and Selling

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 completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.