Cresset Asset Management LLC Boosts Stake in Medtronic plc (NYSE:MDT)

Cresset Asset Management LLC lifted its holdings in Medtronic plc (NYSE:MDTFree Report) by 4.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 208,357 shares of the medical technology company’s stock after purchasing an additional 8,741 shares during the quarter. Cresset Asset Management LLC’s holdings in Medtronic were worth $17,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Fortitude Family Office LLC purchased a new stake in Medtronic during the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in Medtronic by 293.0% during 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 acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic during the fourth quarter valued at $27,000. Financial Gravity Asset Management Inc. increased its position 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 worth $29,000 after buying an additional 279 shares in the last quarter. Finally, Hartford Financial Management Inc. increased its position in Medtronic by 52.1% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after buying an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock opened at $83.15 on Tuesday. The stock has a 50 day moving average of $82.24 and a 200 day moving average of $83.43. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The firm has a market cap of $110.41 billion, a PE ratio of 30.24, a PEG ratio of 2.45 and a beta of 0.83. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDTGet Free Report) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the company earned $1.57 EPS. On average, research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.37%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the 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 in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MDT. Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Wells Fargo & Company upped their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Truist Financial reduced their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. The Goldman Sachs Group started coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $93.00.

Check Out Our Latest Research Report on Medtronic

Medtronic Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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