SVB Wealth LLC Takes $9.84 Million Position in Medtronic plc (NYSE:MDT)

SVB Wealth LLC purchased a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 123,183 shares of the medical technology company’s stock, valued at approximately $9,840,000.

A number of other large investors have also bought and sold shares of MDT. Fidelis Capital Partners LLC purchased a new stake in Medtronic during the 3rd quarter valued at $224,000. JFS Wealth Advisors LLC raised its stake in shares of Medtronic by 168.1% during the third quarter. JFS Wealth Advisors LLC now owns 2,383 shares of the medical technology company’s stock valued at $215,000 after acquiring an additional 1,494 shares during the last quarter. Aspen Wealth Strategies LLC purchased a new stake in shares of Medtronic during the third quarter worth about $260,000. Stephens Inc. AR boosted its holdings in shares of Medtronic by 1.0% during the third quarter. Stephens Inc. AR now owns 197,149 shares of the medical technology company’s stock worth $17,749,000 after purchasing an additional 1,947 shares during the period. Finally, Principal Securities Inc. grew its stake in shares of Medtronic by 6.7% in the third quarter. Principal Securities Inc. now owns 47,656 shares of the medical technology company’s stock worth $4,290,000 after purchasing an additional 2,981 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MDT shares. Sanford C. Bernstein increased their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Wells Fargo & Company reduced their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Insider Activity at Medtronic

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

Medtronic Price Performance

Shares of NYSE MDT opened at $92.00 on Friday. The company has a 50 day simple moving average of $87.08 and a two-hundred day simple moving average of $87.42. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. The company has a market capitalization of $117.97 billion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 2.22 and a beta of 0.84. 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 posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

Medtronic Company 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.