Medtronic PLC (MDT) Position Lifted by Fisher Asset Management LLC
Fisher Asset Management LLC lifted its position in shares of Medtronic PLC (NYSE:MDT) by 7.0% during the fourth quarter, HoldingsChannel reports. The firm owned 250,236 shares of the medical technology company’s stock after acquiring an additional 16,420 shares during the period. Fisher Asset Management LLC’s holdings in Medtronic were worth $22,762,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new stake in Medtronic in the fourth quarter worth about $27,000. Highwater Wealth Management LLC bought a new stake in Medtronic in the fourth quarter worth about $39,000. IMS Capital Management bought a new stake in Medtronic in the third quarter worth about $41,000. Contravisory Investment Management Inc. raised its position in Medtronic by 220.0% in the fourth quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock worth $44,000 after acquiring an additional 330 shares during the period. Finally, Clean Yield Group bought a new stake in Medtronic in the fourth quarter worth about $70,000. 80.83% of the stock is currently owned by institutional investors.
Several equities analysts have recently weighed in on MDT shares. Zacks Investment Research upgraded shares of Medtronic from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a research note on Tuesday, October 23rd. Oppenheimer reiterated a “buy” rating and issued a $104.00 target price on shares of Medtronic in a research note on Tuesday, November 20th. Barclays reduced their target price on shares of Medtronic from $113.00 to $104.00 and set an “overweight” rating for the company in a research note on Tuesday, January 8th. Royal Bank of Canada lifted their target price on shares of Medtronic to $109.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 3rd. Finally, Credit Suisse Group started coverage on shares of Medtronic in a research note on Monday, December 17th. They issued an “outperform” rating and a $109.00 target price for the company. Nine analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $104.18.
Shares of NYSE:MDT opened at $86.42 on Tuesday. The company has a market cap of $116.87 billion, a P/E ratio of 18.12, a PEG ratio of 2.31 and a beta of 0.93. Medtronic PLC has a 12 month low of $76.41 and a 12 month high of $100.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.56 and a quick ratio of 2.11.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 20th. The medical technology company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.15 by $0.07. The company had revenue of $7.48 billion during the quarter, compared to analysts’ expectations of $7.35 billion. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. Medtronic’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.07 earnings per share. As a group, equities research analysts anticipate that Medtronic PLC will post 5.13 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 18th. Investors of record on Friday, December 28th were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, December 27th. This represents a $2.00 annualized dividend and a yield of 2.31%. Medtronic’s dividend payout ratio is currently 41.93%.
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Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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