Hexagon Capital Partners LLC Acquires 456 Shares of Medtronic plc (NYSE:MDT)

Hexagon Capital Partners LLC grew its holdings in shares of Medtronic plc (NYSE:MDT) by 16.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,258 shares of the medical technology company’s stock after purchasing an additional 456 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Medtronic were worth $268,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Hartford Financial Management Inc. lifted its holdings in shares of Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after buying an additional 255 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Medtronic in the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its stake in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 236,064 shares in the last quarter. Financial Gravity Asset Management Inc. raised its stake in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC purchased a new stake in Medtronic in the third quarter valued at approximately $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Mizuho lifted their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial boosted their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $94.91.

Medtronic Trading Up 0.5 %

NYSE:MDT traded up $0.43 during midday trading on Wednesday, hitting $80.67. 782,058 shares of the company traded hands, compared to its average volume of 6,186,343. The firm’s fifty day moving average is $83.35 and its 200-day moving average is $81.38. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The firm has a market capitalization of $107.12 billion, a P/E ratio of 25.56, a P/E/G ratio of 2.77 and a beta of 0.76. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. Medtronic’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.30 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

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.