Exchange Traded Concepts LLC Grows Stock Position in Medtronic plc (NYSE:MDT)

Exchange Traded Concepts LLC lifted its position in shares of Medtronic plc (NYSE:MDTFree Report) by 6,487.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,147 shares of the medical technology company’s stock after purchasing an additional 113,399 shares during the period. Exchange Traded Concepts LLC’s holdings in Medtronic were worth $9,198,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in Medtronic in the 3rd quarter worth $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the third quarter valued at about $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic during the 3rd quarter valued at approximately $30,000. Finally, Kieckhefer Group LLC purchased a new stake in Medtronic during the 4th quarter worth approximately $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research firms have commented on MDT. JPMorgan Chase & Co. reduced their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Evercore ISI raised their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Barclays increased their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.00.

View Our Latest Stock Report on Medtronic

Medtronic Stock Performance

MDT stock opened at $90.07 on Friday. The company has a market capitalization of $115.49 billion, a P/E ratio of 27.54, a PEG ratio of 2.49 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a 50-day simple moving average of $83.70 and a 200 day simple moving average of $85.41. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDTGet Free Report) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm posted $1.25 earnings per share. The business’s revenue was up 5.2% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Medtronic Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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