Visionary Asset Management Inc. Invests $211,000 in Medtronic PLC (MDT)
Visionary Asset Management Inc. purchased a new position in Medtronic PLC (NYSE:MDT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,306 shares of the medical technology company’s stock, valued at approximately $211,000.
Several other large investors have also bought and sold shares of MDT. Bank of New York Mellon Corp lifted its stake in shares of Medtronic by 89,912.5% in the third quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock worth $1,673,505,000 after buying an additional 16,993,455 shares in the last quarter. Nordea Investment Management AB purchased a new position in Medtronic during the third quarter worth about $738,453,000. Pendal Group Ltd raised its stake in Medtronic by 28,068.1% during the third quarter. Pendal Group Ltd now owns 3,177,643 shares of the medical technology company’s stock worth $312,585,000 after purchasing an additional 3,166,362 shares during the period. Renaissance Technologies LLC purchased a new position in Medtronic during the third quarter worth about $171,182,000. Finally, Man Group plc raised its stake in Medtronic by 201.2% during the third quarter. Man Group plc now owns 2,200,206 shares of the medical technology company’s stock worth $216,435,000 after purchasing an additional 1,469,757 shares during the period. 80.79% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MDT stock opened at $84.84 on Friday. The company has a quick ratio of 2.11, a current ratio of 2.56 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $113.22 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 2.19 and a beta of 0.93. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $100.15.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 18th. Investors of record on Friday, December 28th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 41.93%.
In other news, CFO Karen L. Parkhill purchased 3,000 shares of the stock in a transaction on Wednesday, January 9th. The stock was bought at an average price of $83.87 per share, for a total transaction of $251,610.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Omar Ishrak purchased 12,000 shares of the stock in a transaction on Wednesday, January 9th. The shares were purchased at an average price of $84.05 per share, with a total value of $1,008,600.00. The disclosure for this purchase can be found here. Insiders own 0.28% of the company’s stock.
MDT has been the topic of a number of analyst reports. ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Monday, January 7th. Barclays reduced their target price on shares of Medtronic from $113.00 to $104.00 and set an “overweight” rating on the stock in a research note on Tuesday. Deutsche Bank initiated coverage on shares of Medtronic in a research note on Wednesday, January 2nd. They set a “buy” rating and a $99.00 target price on the stock. Citigroup downgraded shares of Medtronic from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $109.00 to $96.00 in a research note on Wednesday, January 2nd. Finally, UBS Group initiated coverage on shares of Medtronic in a research note on Wednesday, November 28th. They set a “buy” rating and a $112.00 target price on the stock. Nine analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $104.38.
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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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