Medtronic plc (NYSE:MDT) Shares Bought by Cerro Pacific Wealth Advisors LLC

Cerro Pacific Wealth Advisors LLC lifted its position in shares of Medtronic plc (NYSE:MDT) by 47.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,425 shares of the medical technology company’s stock after buying an additional 2,708 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Medtronic were worth $673,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. AE Wealth Management LLC raised its position in shares of Medtronic by 24.7% during the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock worth $754,000 after purchasing an additional 1,896 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Medtronic by 68.1% in the second quarter. Public Sector Pension Investment Board now owns 51,014 shares of the medical technology company’s stock worth $4,015,000 after acquiring an additional 20,660 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Medtronic by 1,192.9% in the second quarter. Marshall Wace LLP now owns 267,936 shares of the medical technology company’s stock valued at $21,089,000 after acquiring an additional 247,213 shares in the last quarter. Armistice Capital LLC boosted its stake in shares of Medtronic by 30.4% during the second quarter. Armistice Capital LLC now owns 824,511 shares of the medical technology company’s stock valued at $64,897,000 after acquiring an additional 192,152 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Medtronic by 7.3% during the 2nd quarter. AQR Capital Management LLC now owns 1,445,131 shares of the medical technology company’s stock worth $113,486,000 after purchasing an additional 98,901 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT opened at $89.30 on Friday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a 50 day moving average of $83.64 and a two-hundred day moving average of $85.39. The company has a market cap of $114.51 billion, a P/E ratio of 27.31, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the company earned $1.25 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. On average, analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business 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. This represents a $2.80 annualized dividend and a yield of 3.14%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MDT shares. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently 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 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate 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.