Commerzbank Aktiengesellschaft FI Purchases New Shares in Medtronic plc (NYSE:MDT)

Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,048 shares of the medical technology company’s stock, valued at approximately $252,000.

A number of other hedge funds also recently bought and sold shares of the business. Cetera Trust Company N.A purchased a new stake in Medtronic during the fourth quarter valued at $80,000. Criterion Capital Advisors LLC bought a new position in Medtronic during the fourth quarter valued at $1,476,000. Nicholas Hoffman & Company LLC. increased its position in Medtronic by 16.4% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,114 shares of the medical technology company’s stock valued at $1,327,000 after acquiring an additional 2,275 shares during the last quarter. Lindbrook Capital LLC increased its position in Medtronic by 17.3% during the fourth quarter. Lindbrook Capital LLC now owns 8,256 shares of the medical technology company’s stock valued at $680,000 after acquiring an additional 1,216 shares during the last quarter. Finally, abrdn plc increased its position in Medtronic by 45.2% during the fourth quarter. abrdn plc now owns 1,667,959 shares of the medical technology company’s stock valued at $137,406,000 after acquiring an additional 519,270 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

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

Medtronic Stock Up 1.4 %

Shares of Medtronic stock opened at $80.56 on Tuesday. The stock has a market cap of $106.97 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.72 and a beta of 0.76. The firm’s 50-day moving average is $83.84 and its two-hundred day moving average is $81.11. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. 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 (NYSE:MDT) last released its quarterly earnings results 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 business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.30 earnings per share. As a group, research analysts expect that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

Insider Activity at Medtronic

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

About Medtronic

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.