CIBC Asset Management Inc Increases Stock Holdings in Medtronic plc (NYSE:MDT)

CIBC Asset Management Inc grew its stake in Medtronic plc (NYSE:MDT) by 1.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 927,239 shares of the medical technology company’s stock after buying an additional 14,502 shares during the quarter. CIBC Asset Management Inc owned 0.07% of Medtronic worth $74,068,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the business. Evergreen Wealth Management LLC lifted its stake in Medtronic by 2.5% during the fourth quarter. Evergreen Wealth Management LLC now owns 26,865 shares of the medical technology company’s stock worth $2,146,000 after purchasing an additional 663 shares during the last quarter. Catalyst Capital Advisors LLC lifted its stake in Medtronic by 1.4% during the fourth quarter. Catalyst Capital Advisors LLC now owns 29,325 shares of the medical technology company’s stock worth $2,342,000 after purchasing an additional 405 shares during the last quarter. Americana Partners LLC lifted its stake in Medtronic by 5.8% during the fourth quarter. Americana Partners LLC now owns 6,884 shares of the medical technology company’s stock worth $550,000 after purchasing an additional 379 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. lifted its stake in Medtronic by 10.4% during the fourth quarter. Financiere des Professionnels Fonds d investissement inc. now owns 139,042 shares of the medical technology company’s stock worth $11,107,000 after purchasing an additional 13,051 shares during the last quarter. Finally, Capital Performance Advisors LLP lifted its stake in Medtronic by 68.2% during the fourth quarter. Capital Performance Advisors LLP now owns 4,638 shares of the medical technology company’s stock worth $370,000 after purchasing an additional 1,881 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Up 0.9 %

MDT opened at $93.02 on Monday. The business’s fifty day moving average is $85.51 and its two-hundred day moving average is $86.90. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market cap of $119.28 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a one year low of $75.96 and a one year high of $93.08.

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

Medtronic Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Barclays boosted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Robert W. Baird cut their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. cut their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Finally, Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

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.