Mystic Asset Management Inc. Takes $259,000 Position in Medtronic plc (NYSE:MDT)

Mystic Asset Management Inc. purchased a new stake in Medtronic plc (NYSE:MDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,244 shares of the medical technology company’s stock, valued at approximately $259,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at about $27,000. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $26,000. J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the third quarter valued at about $30,000. Rakuten Securities Inc. increased its stake in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares during the period. Finally, Stephens Consulting LLC increased its stake in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after buying an additional 204 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MDT shares. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Barclays raised their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $96.07.

Medtronic Stock Down 1.3 %

MDT stock opened at $92.10 on Wednesday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average is $90.12 and its 200-day moving average is $88.02. The firm has a market capitalization of $118.12 billion, a PE ratio of 27.99, a P/E/G ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Company 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.