Foster & Motley Inc. Acquires 7,259 Shares of Medtronic plc (NYSE:MDT)

Foster & Motley Inc. raised its holdings in Medtronic plc (NYSE:MDT) by 83.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,969 shares of the medical technology company’s stock after purchasing an additional 7,259 shares during the period. Foster & Motley Inc.’s holdings in Medtronic were worth $1,316,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Morgan Stanley increased its stake in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after acquiring an additional 1,994,123 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Medtronic by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after acquiring an additional 508,205 shares during the period. Northern Trust Corp boosted its position in shares of Medtronic by 2.1% during the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after acquiring an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Medtronic by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock valued at $843,979,000 after acquiring an additional 79,660 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Medtronic by 6.7% during the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after purchasing an additional 649,367 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Medtronic stock opened at $81.28 on Wednesday. The firm has a market cap of $107.93 billion, a P/E ratio of 25.89, a P/E/G ratio of 2.76 and a beta of 0.76. The stock’s 50 day moving average is $83.80 and its 200 day moving average is $81.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a one year low of $68.84 and a one year high of $92.02.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. Medtronic’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.30 earnings per share. As a group, research analysts expect that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

Insider Activity at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Mizuho lifted their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Truist Financial lifted their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Finally, Oppenheimer upped their price target on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.91.

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.