Ontario Teachers Pension Plan Board Invests $1.62 Million in Medtronic plc (NYSE:MDT)

Ontario Teachers Pension Plan Board purchased a new stake in Medtronic plc (NYSE:MDT) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 18,538 shares of the medical technology company’s stock, valued at approximately $1,616,000.

Other large investors have also made changes to their positions in the company. Fortitude Family Office LLC purchased a new position in Medtronic during the 4th quarter valued at about $25,000. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic in the fourth quarter valued at $27,000. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the first quarter worth approximately $27,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the first quarter worth about $33,000. Finally, Fortis Group Advisors LLC lifted its holdings in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MDT shares. Wells Fargo & Company upped their price objective on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Truist Financial cut their price target on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, July 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, July 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $90.90.

Medtronic Stock Up 0.0 %

NYSE:MDT traded up $0.02 during mid-day trading on Tuesday, reaching $79.32. The stock had a trading volume of 277,786 shares, compared to its average volume of 6,301,535. The business’s 50 day moving average is $80.85 and its 200 day moving average is $83.04. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The stock has a market cap of $101.71 billion, a P/E ratio of 28.84, a PEG ratio of 2.32 and a beta of 0.82. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00.

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

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.70 dividend. The ex-dividend date was Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.53%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

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.