Peddock Capital Advisors LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Peddock Capital Advisors LLC bought a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, Holdings Channel.com reports. The firm bought 2,507 shares of the medical technology company’s stock, valued at approximately $200,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Clear Harbor Asset Management LLC boosted its stake in shares of Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the last quarter. Guardian Wealth Management Inc. boosted its stake in shares of Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after acquiring an additional 115 shares in the last quarter. First PREMIER Bank increased its holdings in Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares in the last quarter. First City Capital Management Inc. raised its position in Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after acquiring an additional 116 shares during the period. Finally, Hardy Reed LLC lifted its holdings in Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after purchasing an additional 116 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 1.3 %

Shares of NYSE:MDT traded up $1.02 during trading on Monday, reaching $81.68. The stock had a trading volume of 6,476,902 shares, compared to its average volume of 7,264,500. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The business has a fifty day moving average price of $83.99 and a 200-day moving average price of $84.95. The stock has a market cap of $104.74 billion, a P/E ratio of 24.98, a PEG ratio of 2.33 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the business earned $1.25 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $95.00.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Medtronic Profile

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.