Standard Life Aberdeen plc increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 10.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,458,263 shares of the medical technology company’s stock after buying an additional 322,478 shares during the period. Standard Life Aberdeen plc owned 0.26% of Medtronic worth $310,034,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of MDT. Tributary Capital Management LLC bought a new stake in Medtronic during the fourth quarter worth $27,000. Highwater Wealth Management LLC bought a new stake in Medtronic during the fourth quarter worth $39,000. IMS Capital Management bought a new position in shares of Medtronic in the third quarter valued at about $41,000. Contravisory Investment Management Inc. raised its position in shares of Medtronic by 220.0% in the fourth quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock valued at $44,000 after purchasing an additional 330 shares during the period. Finally, Karp Capital Management Corp bought a new position in shares of Medtronic in the fourth quarter valued at about $46,000. 80.59% of the stock is owned by institutional investors and hedge funds.
In related news, CFO Karen L. Parkhill purchased 3,000 shares of Medtronic stock in a transaction dated Wednesday, January 9th. The shares were bought at an average cost of $83.87 per share, for a total transaction of $251,610.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Omar Ishrak purchased 12,000 shares of Medtronic stock in a transaction dated Wednesday, January 9th. The stock was bought at an average price of $84.05 per share, for a total transaction of $1,008,600.00. The disclosure for this purchase can be found here. Corporate insiders own 0.28% of the company’s stock.
Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The firm had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.53 billion. Medtronic had a net margin of 16.10% and a return on equity of 13.85%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.17 earnings per share. On average, analysts predict that Medtronic PLC will post 5.15 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, March 21st. This represents a $2.00 dividend on an annualized basis and a yield of 2.14%. Medtronic’s payout ratio is 41.93%.
Several brokerages have recently weighed in on MDT. Citigroup increased their price objective on shares of Medtronic from $95.00 to $101.00 and gave the company a “neutral” rating in a research report on Monday, February 25th. Barclays reissued a “buy” rating and issued a $104.00 price objective on shares of Medtronic in a research report on Wednesday, February 20th. Oppenheimer set a $104.00 price objective on shares of Medtronic and gave the company a “buy” rating in a research report on Wednesday, February 20th. Needham & Company LLC reissued a “strong-buy” rating and issued a $117.00 price objective (down from $120.00) on shares of Medtronic in a research report on Monday, February 4th. Finally, BTIG Research raised shares of Medtronic from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Tuesday, January 15th. Nine analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $104.32.
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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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