Camden National Bank raised its position in Medtronic PLC (NYSE:MDT) by 3.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 61,223 shares of the medical technology company’s stock after purchasing an additional 2,271 shares during the period. Camden National Bank’s holdings in Medtronic were worth $5,569,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Tributary Capital Management LLC bought a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Highwater Wealth Management LLC bought a new stake in shares of Medtronic during the fourth quarter worth $39,000. IMS Capital Management bought a new stake in shares of Medtronic during the third quarter worth $41,000. Contravisory Investment Management Inc. increased its position in shares of Medtronic by 220.0% during the fourth quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock worth $44,000 after acquiring an additional 330 shares in the last quarter. Finally, Clean Yield Group bought a new stake in shares of Medtronic during the fourth quarter worth $70,000. 81.62% of the stock is owned by hedge funds and other institutional investors.
MDT has been the subject of several research reports. Citigroup downgraded shares of Medtronic from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $109.00 to $96.00 in a research report on Wednesday, January 2nd. ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Monday, January 7th. JPMorgan Chase & Co. raised shares of Medtronic from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $100.00 to $109.00 in a research report on Wednesday, December 19th. Morgan Stanley increased their price objective on shares of Medtronic from $98.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 2nd. Finally, Deutsche Bank initiated coverage on shares of Medtronic in a research report on Wednesday, January 2nd. They set a “buy” rating and a $99.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and a consensus price target of $104.09.
Medtronic stock opened at $90.67 on Thursday. The firm has a market capitalization of $120.35 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 2.37 and a beta of 0.82. Medtronic PLC has a 1-year low of $76.41 and a 1-year high of $100.15. The company has a quick ratio of 2.11, a current ratio of 2.56 and a debt-to-equity ratio of 0.48.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. The business had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $7.35 billion. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.07 earnings per share. On average, research analysts anticipate that Medtronic PLC will post 5.13 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 18th. Investors of record on Friday, December 28th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Thursday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 41.93%.
In other news, CEO Omar Ishrak purchased 12,000 shares of the business’s stock in a transaction on Wednesday, January 9th. The stock was purchased at an average price of $84.05 per share, for a total transaction of $1,008,600.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Karen L. Parkhill purchased 3,000 shares of the business’s stock in a transaction on Wednesday, January 9th. The stock was purchased at an average price of $83.87 per share, with a total value of $251,610.00. The disclosure for this purchase can be found here. 0.28% of the stock is currently owned by company insiders.
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Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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