Colonial River Wealth Management LLC Invests $244,000 in Medtronic plc (NYSE:MDT)

Colonial River Wealth Management LLC bought a new position in Medtronic plc (NYSE:MDTFree Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,959 shares of the medical technology company’s stock, valued at approximately $244,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Fairfield Bush & CO. bought a new position in shares of Medtronic in the first quarter worth approximately $47,000. MAS Advisors LLC raised its holdings in shares of Medtronic by 10.3% during the first quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock valued at $266,000 after purchasing an additional 223 shares during the last quarter. LSV Asset Management raised its holdings in shares of Medtronic by 34.5% during the first quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock valued at $821,000 after purchasing an additional 1,900 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Medtronic by 22.8% during the first quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after purchasing an additional 13,895 shares during the last quarter. Finally, Kinneret Advisory LLC raised its holdings in shares of Medtronic by 2.3% during the first quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock valued at $1,712,000 after purchasing an additional 343 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $85.20 on Wednesday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $85.24 and a two-hundred day simple moving average of $80.87. The firm has a market capitalization of $113.13 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76.

Medtronic (NYSE:MDTGet Free Report) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. The firm 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 business’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $1.30 EPS. Analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be issued a $0.69 dividend. The ex-dividend date is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.24%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Analysts Set New Price Targets

MDT has been the subject of several research reports. Mizuho boosted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. 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 report on Wednesday, February 21st. Truist Financial boosted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.91.

Check Out Our Latest Stock Report on Medtronic

Insider Transactions at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were 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 owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

About Medtronic

(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.

See Also

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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