Potentia Wealth Takes Position in Medtronic plc (NYSE:MDT)

Potentia Wealth purchased a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,469 shares of the medical technology company’s stock, valued at approximately $597,000.

Other hedge funds also recently made changes to their positions in the company. Nicolet Advisory Services LLC boosted its holdings in shares of Medtronic by 10.5% in the 3rd quarter. Nicolet Advisory Services LLC now owns 3,802 shares of the medical technology company’s stock valued at $334,000 after buying an additional 360 shares during the period. Cerity Partners LLC raised its position in shares of Medtronic by 43.1% during the 3rd quarter. Cerity Partners LLC now owns 243,308 shares of the medical technology company’s stock worth $21,910,000 after purchasing an additional 73,334 shares during the period. Kingsview Wealth Management LLC lifted its holdings in shares of Medtronic by 11.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 20,949 shares of the medical technology company’s stock worth $1,886,000 after purchasing an additional 2,197 shares during the last quarter. Larson Financial Group LLC boosted its position in Medtronic by 18.8% during the 3rd quarter. Larson Financial Group LLC now owns 24,675 shares of the medical technology company’s stock valued at $2,221,000 after purchasing an additional 3,903 shares during the period. Finally, Cahill Financial Advisors Inc. boosted its position in Medtronic by 66.5% during the 3rd quarter. Cahill Financial Advisors Inc. now owns 5,480 shares of the medical technology company’s stock valued at $493,000 after purchasing an additional 2,189 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of research firms have issued reports on MDT. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.16 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $115.64 billion, a price-to-earnings ratio of 27.40, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The firm has a 50-day moving average of $90.84 and a two-hundred day moving average of $88.05.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is currently 85.11%.

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.