Intermede Investment Partners Ltd increased its position in Medtronic plc. (NYSE:MDT) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 706,884 shares of the medical technology company’s stock after acquiring an additional 35,350 shares during the period. Medtronic makes up about 4.8% of Intermede Investment Partners Ltd’s portfolio, making the stock its 9th biggest holding. Intermede Investment Partners Ltd owned about 0.05% of Medtronic worth $57,081,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. TRUE Private Wealth Advisors purchased a new position in shares of Medtronic during the 4th quarter valued at about $698,000. Personal Capital Advisors Corp purchased a new position in shares of Medtronic during the 4th quarter valued at about $206,000. Professional Advisory Services Inc. raised its stake in shares of Medtronic by 0.5% during the 4th quarter. Professional Advisory Services Inc. now owns 164,419 shares of the medical technology company’s stock valued at $13,277,000 after buying an additional 832 shares during the last quarter. Diversified Trust Co raised its stake in shares of Medtronic by 7.3% during the 4th quarter. Diversified Trust Co now owns 82,570 shares of the medical technology company’s stock valued at $6,668,000 after buying an additional 5,612 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Medtronic by 775.7% during the 4th quarter. State of Alaska Department of Revenue now owns 127,593 shares of the medical technology company’s stock valued at $10,301,000 after buying an additional 113,022 shares during the last quarter. Institutional investors own 81.84% of the company’s stock.
Medtronic plc. (NYSE:MDT) opened at $86.68 on Monday. The company has a quick ratio of 2.05, a current ratio of 2.40 and a debt-to-equity ratio of 0.50. Medtronic plc. has a 52 week low of $73.59 and a 52 week high of $89.72. The firm has a market capitalization of $117,321.20, a PE ratio of 23.75, a P/E/G ratio of 2.39 and a beta of 1.00.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 19th. Investors of record on Friday, December 29th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.12%. The ex-dividend date was Thursday, December 28th. Medtronic’s payout ratio is 50.41%.
In related news, VP Richard Kuntz sold 78,526 shares of Medtronic stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $86.21, for a total value of $6,769,726.46. Following the sale, the vice president now directly owns 149,761 shares in the company, valued at approximately $12,910,895.81. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Bryan C. Hanson sold 16,000 shares of Medtronic stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $79.02, for a total value of $1,264,320.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 136,684 shares of company stock worth $11,582,596. 0.31% of the stock is currently owned by insiders.
A number of equities analysts have weighed in on the company. Stifel Nicolaus lifted their price objective on Medtronic from $83.00 to $85.00 and gave the company a “hold” rating in a research note on Wednesday, November 22nd. SunTrust Banks reiterated a “buy” rating and set a $96.00 price objective on shares of Medtronic in a research note on Friday, November 3rd. BMO Capital Markets reiterated an “outperform” rating and set a $89.00 price objective (down previously from $92.00) on shares of Medtronic in a research note on Tuesday, October 10th. Needham & Company LLC reduced their price objective on Medtronic from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Tuesday, October 10th. Finally, Oppenheimer reiterated a “buy” rating and set a $94.00 price objective on shares of Medtronic in a research note on Wednesday, November 22nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $89.65.
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Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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