New Vernon Investment Management LLC Acquires 22,300 Shares of Medtronic plc (NYSE:MDT)

New Vernon Investment Management LLC boosted its stake in shares of Medtronic plc (NYSE:MDT) by 304.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,613 shares of the medical technology company’s stock after acquiring an additional 22,300 shares during the quarter. Medtronic comprises about 1.5% of New Vernon Investment Management LLC’s investment portfolio, making the stock its 14th biggest position. New Vernon Investment Management LLC’s holdings in Medtronic were worth $2,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the 4th quarter valued at approximately $26,000. Stephens Consulting LLC increased its position in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares during the last quarter. Rakuten Securities Inc. raised its stake in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares during the period. Fiduciary Advisors Inc. bought a new stake in shares of Medtronic in the 4th quarter worth about $36,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Medtronic during the 4th quarter worth about $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.6 %

Medtronic stock opened at $84.24 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $108.04 billion, a P/E ratio of 25.60, a P/E/G ratio of 2.22 and a beta of 0.79. The business has a fifty day moving average of $88.18 and a two-hundred day moving average of $87.29. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $8.33 billion. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is currently 85.11%.

Analysts Set New Price Targets

MDT has been the subject of several analyst reports. Robert W. Baird raised their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $96.14.

Medtronic Company 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.