Quantbot Technologies LP Takes $904,000 Position in Medtronic plc (NYSE:MDT)

Quantbot Technologies LP acquired a new position in Medtronic plc (NYSE:MDT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,370 shares of the medical technology company’s stock, valued at approximately $904,000.

Other hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the 4th quarter worth about $25,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic in the first quarter worth $27,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic during the 1st quarter worth $33,000. Finally, Fortis Group Advisors LLC boosted its holdings in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MDT shares. Wells Fargo & Company boosted their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Truist Financial dropped their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. UBS Group raised their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Citigroup lowered their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, The Goldman Sachs Group began coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average price target of $91.09.

Medtronic Trading Down 0.2 %

Shares of MDT opened at $77.95 on Monday. The stock has a fifty day moving average price of $81.20 and a two-hundred day moving average price of $83.19. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The company has a market cap of $99.95 billion, a price-to-earnings ratio of 28.35, a PEG ratio of 2.27 and a beta of 0.82. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.59%. The ex-dividend date was Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 101.82%.

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.