Hoey Investments Inc. Buys 251 Shares of Medtronic plc (NYSE:MDT)

Hoey Investments Inc. grew its stake in Medtronic plc (NYSE:MDT) by 29.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,112 shares of the medical technology company’s stock after acquiring an additional 251 shares during the quarter. Hoey Investments Inc.’s holdings in Medtronic were worth $89,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Mainstream Capital Management LLC purchased a new position in Medtronic in the fourth quarter valued at about $26,000. Rakuten Securities Inc. boosted its holdings in shares of Medtronic by 753.8% in the 4th 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 in the last quarter. Stephens Consulting LLC grew its position in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares during the last quarter. Fiduciary Advisors Inc. bought a new position in shares of Medtronic during the 4th quarter worth approximately $36,000. Finally, Chelsea Counsel Co. purchased a new stake in Medtronic during the third quarter valued at approximately $45,000. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Down 1.5 %

NYSE MDT opened at $87.62 on Monday. The company has a fifty day moving average of $90.98 and a 200 day moving average of $87.99. The company has a market capitalization of $112.38 billion, a PE ratio of 26.63, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of several analyst reports. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial decreased their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $96.07.

About Medtronic

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.