CIBC Asset Management Inc Buys 166,085 Shares of Medtronic PLC $MDT

CIBC Asset Management Inc boosted its stake in shares of Medtronic PLC (NYSE:MDT) by 18.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,072,930 shares of the medical technology company’s stock after buying an additional 166,085 shares during the period. CIBC Asset Management Inc owned approximately 0.08% of Medtronic worth $103,066,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its stake in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Sivia Capital Partners LLC increased its stake in Medtronic by 9.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock valued at $380,000 after purchasing an additional 381 shares in the last quarter. Jump Financial LLC bought a new stake in Medtronic during the 2nd quarter valued at about $299,000. Main Street Financial Solutions LLC increased its stake in Medtronic by 28.9% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock valued at $1,251,000 after purchasing an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC increased its stake in Medtronic by 21.3% during the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock valued at $1,676,000 after purchasing an additional 3,376 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $73.72 on Wednesday. The company has a 50 day moving average price of $82.11 and a 200-day moving average price of $92.49. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The firm has a market capitalization of $94.65 billion, a PE ratio of 20.54, a P/E/G ratio of 1.76 and a beta of 0.58. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, March 27th were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.9%. Medtronic’s payout ratio is presently 79.11%.

Analyst Ratings Changes

A number of research firms have commented on MDT. Robert W. Baird lifted their target price on Medtronic from $92.00 to $93.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Jefferies Financial Group reissued a “hold” rating and issued a $95.00 target price on shares of Medtronic in a report on Thursday, April 23rd. Evercore set a $106.00 target price on Medtronic and gave the stock an “outperform” rating in a report on Thursday, April 9th. Stifel Nicolaus reduced their target price on Medtronic from $105.00 to $95.00 and set a “hold” rating for the company in a report on Monday, April 6th. Finally, Weiss Ratings lowered Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $106.45.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).