CCLA Investment Management Has $9.19 Million Stake in Medtronic plc (NYSE:MDT)

CCLA Investment Management raised its stake in shares of Medtronic plc (NYSE:MDT) by 14.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 115,054 shares of the medical technology company’s stock after buying an additional 14,876 shares during the period. CCLA Investment Management’s holdings in Medtronic were worth $9,191,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Community Trust & Investment Co. grew its holdings in shares of Medtronic by 1.5% in the fourth quarter. Community Trust & Investment Co. now owns 37,988 shares of the medical technology company’s stock valued at $3,034,000 after acquiring an additional 552 shares in the last quarter. Oak Thistle LLC bought a new position in shares of Medtronic during the 4th quarter worth $1,267,000. Pines Wealth Management LLC purchased a new stake in Medtronic in the 4th quarter worth about $310,000. SeaCrest Wealth Management LLC raised its stake in Medtronic by 3.3% in the 4th quarter. SeaCrest Wealth Management LLC now owns 7,967 shares of the medical technology company’s stock valued at $636,000 after acquiring an additional 251 shares during the period. Finally, Accurate Wealth Management LLC lifted its holdings in Medtronic by 3.7% during the fourth quarter. Accurate Wealth Management LLC now owns 4,421 shares of the medical technology company’s stock valued at $357,000 after purchasing an additional 159 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MDT. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Robert W. Baird reduced their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Up 4.1 %

NYSE MDT opened at $85.16 on Wednesday. The stock has a market cap of $109.20 billion, a P/E ratio of 26.04, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The stock has a 50 day simple moving average of $83.74 and a two-hundred day simple moving average of $85.01. 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 (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $8.27 billion. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.25 earnings per share. On average, analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Medtronic Company 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.