Mengis Capital Management Inc. Increases Holdings in Medtronic plc (NYSE:MDT)

Mengis Capital Management Inc. lifted its position in shares of Medtronic plc (NYSE:MDT) by 2.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,244 shares of the medical technology company’s stock after acquiring an additional 1,871 shares during the quarter. Medtronic accounts for about 1.5% of Mengis Capital Management Inc.’s holdings, making the stock its 16th biggest position. Mengis Capital Management Inc.’s holdings in Medtronic were worth $7,289,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MDT. Assenagon Asset Management S.A. boosted its stake in shares of Medtronic by 1.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 58,474 shares of the medical technology company’s stock worth $5,264,000 after acquiring an additional 1,034 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Medtronic by 11.2% during the 3rd quarter. Allworth Financial LP now owns 28,353 shares of the medical technology company’s stock worth $2,553,000 after acquiring an additional 2,859 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Medtronic by 19.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 84,497 shares of the medical technology company’s stock valued at $7,547,000 after buying an additional 13,952 shares in the last quarter. Modera Wealth Management LLC lifted its stake in Medtronic by 23.2% in the 3rd quarter. Modera Wealth Management LLC now owns 3,221 shares of the medical technology company’s stock valued at $290,000 after buying an additional 606 shares in the last quarter. Finally, Clear Harbor Asset Management LLC lifted its stake in Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after buying an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.4 %

MDT stock opened at $90.27 on Tuesday. The company has a market cap of $115.76 billion, a price-to-earnings ratio of 27.44, a PEG ratio of 2.22 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $86.26 and a 200-day simple moving average of $87.24. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Analyst Ratings Changes

A number of research firms recently issued reports on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. reduced their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.00.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on 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 sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

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.