Cascade Investment Advisors Inc. Acquires 140 Shares of Medtronic plc (NYSE:MDT)

Cascade Investment Advisors Inc. boosted its holdings in Medtronic plc (NYSE:MDT) by 0.6% during the fourth quarter, Holdings Channel reports. The fund owned 22,024 shares of the medical technology company’s stock after purchasing an additional 140 shares during the period. Medtronic makes up 1.1% of Cascade Investment Advisors Inc.’s holdings, making the stock its 28th largest holding. Cascade Investment Advisors Inc.’s holdings in Medtronic were worth $1,759,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MDT. Fortitude Family Office LLC acquired a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the third quarter valued at about $27,000. J. Stern & Co. LLP acquired a new position in shares of Medtronic in the third quarter valued at about $30,000. Finally, Kieckhefer Group LLC bought a new position in Medtronic during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MDT shares. Barclays boosted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird reduced their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Sanford C. Bernstein lifted their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $95.00.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s 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 sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

Medtronic Trading Up 2.5 %

Shares of MDT stock opened at $92.45 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $118.54 billion, a P/E ratio of 28.27, a P/E/G ratio of 2.49 and a beta of 0.83. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The stock’s fifty day simple moving average is $83.75 and its 200 day simple moving average is $85.62.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.03%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.