1620 Investment Advisors Inc. Takes $522,000 Position in Medtronic plc (NYSE:MDT)

1620 Investment Advisors Inc. acquired a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,530 shares of the medical technology company’s stock, valued at approximately $522,000.

Other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Medtronic during the fourth quarter worth $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares during the period. Van ECK Associates Corp raised its stake in Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after acquiring an additional 2,476,935 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after buying an additional 1,790,483 shares during the period. Finally, Boston Partners increased its position in Medtronic by 117.4% during the 4th quarter. Boston Partners now owns 3,102,605 shares of the medical technology company’s stock valued at $248,311,000 after purchasing an additional 1,675,588 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock opened at $91.15 on Friday. The business has a 50 day simple moving average of $90.47 and a two-hundred day simple moving average of $88.06. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock has a market capitalization of $116.91 billion, a P/E ratio of 27.71, a PEG ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

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 the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Robert W. Baird boosted their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $96.07.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.