Profund Advisors LLC Buys 3,390 Shares of Medtronic PLC (NYSE:MDT)
Profund Advisors LLC grew its stake in Medtronic PLC (NYSE:MDT) by 9.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,247 shares of the medical technology company’s stock after acquiring an additional 3,390 shares during the quarter. Profund Advisors LLC’s holdings in Medtronic were worth $4,339,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in MDT. Manchester Financial Inc. bought a new stake in shares of Medtronic in the 4th quarter valued at about $28,000. Barnett & Company Inc. bought a new stake in Medtronic during the 4th quarter worth approximately $34,000. Stonebridge Financial Planning Group LLC bought a new stake in Medtronic during the 4th quarter worth approximately $34,000. CLS Investments LLC increased its stake in Medtronic by 44.2% during the 4th quarter. CLS Investments LLC now owns 346 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 106 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in Medtronic by 71.8% during the 4th quarter. Versant Capital Management Inc now owns 354 shares of the medical technology company’s stock worth $40,000 after purchasing an additional 148 shares in the last quarter. 82.55% of the stock is owned by institutional investors.
A number of analysts recently issued reports on MDT shares. JPMorgan Chase & Co. increased their target price on Medtronic from $122.00 to $128.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Morgan Stanley increased their target price on Medtronic from $116.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Guggenheim raised Medtronic from a “neutral” rating to a “buy” rating and set a $135.00 target price for the company in a research note on Thursday, January 2nd. They noted that the move was a valuation call. ValuEngine cut Medtronic from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Finally, UBS Group increased their target price on Medtronic from $127.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twenty-two have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $120.77.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.06. The firm had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.80 billion. Medtronic had a return on equity of 14.76% and a net margin of 17.11%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.29 EPS. Equities research analysts anticipate that Medtronic PLC will post 5.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Thursday, March 26th. Medtronic’s payout ratio is presently 41.38%.
In related news, CEO Omar Ishrak acquired 8,771 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was bought at an average price of $110.87 per share, with a total value of $972,440.77. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.28% of the company’s stock.
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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