QRG Capital Management Inc. Grows Position in Medtronic plc (NYSE:MDT)

QRG Capital Management Inc. raised its position in shares of Medtronic plc (NYSE:MDT) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 419,762 shares of the medical technology company’s stock after buying an additional 21,697 shares during the quarter. QRG Capital Management Inc.’s holdings in Medtronic were worth $33,531,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the 3rd quarter worth approximately $27,000. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the 3rd quarter worth approximately $27,000. Stephens Consulting LLC boosted its holdings in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the period. Finally, J. Stern & Co. LLP purchased a new position in shares of Medtronic in the 3rd quarter worth approximately $30,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MDT. Robert W. Baird lifted their target price on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Trading Up 0.1 %

Shares of NYSE MDT opened at $90.58 on Thursday. 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 business has a fifty day simple moving average of $86.65 and a two-hundred day simple moving average of $87.32. The firm has a market cap of $116.15 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The business 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%. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

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.