Modus Advisors LLC Buys New Holdings in Medtronic plc (NYSE:MDT)

Modus Advisors LLC bought a new position in Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 688 shares of the medical technology company’s stock, valued at approximately $55,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Copley Financial Group Inc. purchased a new stake in shares of Medtronic during the third quarter worth about $694,000. Olstein Capital Management L.P. lifted its holdings in Medtronic by 19.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd grew its position in shares of Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares during the last quarter. Ferguson Wellman Capital Management Inc. bought a new position in shares of Medtronic during the third quarter valued at approximately $9,486,000. Finally, Soltis Investment Advisors LLC lifted its stake in Medtronic by 30.0% in the third quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock worth $7,933,000 after acquiring an additional 20,352 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MDT shares. Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Barclays increased their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

NYSE MDT opened at $80.95 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company has a market cap of $103.80 billion, a P/E ratio of 24.76, a P/E/G ratio of 2.33 and a beta of 0.83. The business’s 50 day moving average price is $85.08 and its 200-day moving average price is $84.85.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period last year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Friday, December 27th. 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.