Jacobi Capital Management LLC Grows Position in Medtronic plc (NYSE:MDT)

Jacobi Capital Management LLC increased its position in shares of Medtronic plc (NYSE:MDT) by 7.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,171 shares of the medical technology company’s stock after buying an additional 1,292 shares during the quarter. Jacobi Capital Management LLC’s holdings in Medtronic were worth $1,497,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. Ethic Inc. lifted its position in Medtronic by 3.8% during the 4th quarter. Ethic Inc. now owns 126,362 shares of the medical technology company’s stock worth $10,410,000 after acquiring an additional 4,617 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its position in Medtronic by 26.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock worth $513,807,000 after acquiring an additional 1,318,590 shares during the period. Bellevue Group AG lifted its position in Medtronic by 51.3% during the 4th quarter. Bellevue Group AG now owns 970,772 shares of the medical technology company’s stock worth $79,972,000 after acquiring an additional 329,280 shares during the period. Veritas Asset Management LLP lifted its position in Medtronic by 32.3% during the 4th quarter. Veritas Asset Management LLP now owns 181,007 shares of the medical technology company’s stock worth $14,911,000 after acquiring an additional 44,236 shares during the period. Finally, Bennett Associates Wealth Management acquired a new stake in Medtronic during the 4th quarter worth approximately $378,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $81.96 on Wednesday. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The company has a market capitalization of $108.82 billion, a P/E ratio of 29.80, a PEG ratio of 2.42 and a beta of 0.83. The business has a 50 day moving average price of $82.18 and a 200 day moving average price of $83.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. Medtronic’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a $0.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.42%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 100.36%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, June 5th. Wells Fargo & Company raised their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. UBS Group raised their price target on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Finally, Truist Financial reduced their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $93.00.

Insider Activity

In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

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.