Steele Capital Management Inc. Makes New $252,000 Investment in Medtronic plc (NYSE:MDT)

Steele Capital Management Inc. acquired a new stake in Medtronic plc (NYSE:MDT) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,062 shares of the medical technology company’s stock, valued at approximately $252,000.

A number of other institutional investors also recently modified their holdings of MDT. Morgan Stanley boosted its position in shares of Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Medtronic by 2.6% during the third quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after purchasing an additional 508,205 shares during the period. Northern Trust Corp lifted its holdings in shares of Medtronic by 2.1% in the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after purchasing an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Medtronic by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock valued at $843,979,000 after purchasing an additional 79,660 shares during the period. Finally, American Century Companies Inc. increased its stake in Medtronic by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after purchasing an additional 649,367 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Truist Financial raised their price target 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. Mizuho lifted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Oppenheimer boosted their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $94.91.

Medtronic Trading Down 0.3 %

NYSE:MDT traded down $0.26 during midday trading on Tuesday, hitting $80.60. The stock had a trading volume of 1,122,416 shares, compared to its average volume of 6,186,046. Medtronic plc has a one year low of $68.84 and a one year high of $92.02. The company has a market capitalization of $107.02 billion, a price-to-earnings ratio of 25.68, a PEG ratio of 2.73 and a beta of 0.76. The stock has a 50-day moving average of $83.46 and a 200 day moving average of $81.32. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The business had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business earned $1.30 EPS. As a group, sell-side analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.42%. Medtronic’s dividend payout ratio (DPR) is 87.90%.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by 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.