Penobscot Investment Management Company Inc. Purchases New Holdings in Medtronic plc (NYSE:MDT)

Penobscot Investment Management Company Inc. acquired a new position in shares of Medtronic plc (NYSE:MDT) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 3,488 shares of the medical technology company’s stock, valued at approximately $279,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new position in Medtronic in the 4th quarter valued at $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after acquiring an additional 5,975,110 shares during the period. Van ECK Associates Corp raised its holdings in Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares in the last quarter. Boston Partners lifted its position in Medtronic by 117.4% in the fourth quarter. Boston Partners now owns 3,102,605 shares of the medical technology company’s stock valued at $248,311,000 after purchasing an additional 1,675,588 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Medtronic by 58.4% in the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after purchasing an additional 1,420,263 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Medtronic stock opened at $88.17 on Thursday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market capitalization of $113.08 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 2.22 and a beta of 0.80. The stock has a fifty day moving average of $90.96 and a two-hundred day moving average of $88.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.18%. Medtronic’s payout ratio is currently 85.11%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Needham & Company LLC reissued 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 for the company in a report on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird boosted their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the company 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $96.07.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

Medtronic 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.