Colrain Capital LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Colrain Capital LLC bought a new stake in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 38,060 shares of the medical technology company’s stock, valued at approximately $3,067,000. Medtronic makes up approximately 3.0% of Colrain Capital LLC’s holdings, making the stock its 12th biggest holding.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after buying an additional 754,395 shares during the period. State Street Corp lifted its holdings in shares of Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after acquiring an additional 520,027 shares during the last quarter. Norges Bank purchased a new position in shares of Medtronic during the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new position in shares of Medtronic during the 4th quarter worth about $852,732,000. Finally, First Eagle Investment Management LLC grew its holdings in Medtronic by 0.3% during the 4th quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock valued at $782,201,000 after purchasing an additional 28,910 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $96.07.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Stock Performance

NYSE:MDT opened at $87.62 on Monday. The company has a market cap of $112.38 billion, a P/E ratio of 26.63, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company’s 50-day moving average price is $90.98 and its 200-day moving average price is $87.99.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Friday, March 28th. Medtronic’s payout ratio is presently 85.11%.

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.