Alexander Randolph Advisory Inc. Makes New Investment in Medtronic plc (NYSE:MDT)

Alexander Randolph Advisory Inc. acquired a new position in Medtronic plc (NYSE:MDT) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 13,549 shares of the medical technology company’s stock, valued at approximately $1,116,000. Medtronic accounts for 1.0% of Alexander Randolph Advisory Inc.’s portfolio, making the stock its 26th largest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new position in Medtronic in the fourth quarter worth $25,000. Hartford Financial Management Inc. boosted its holdings in shares of Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares during the period. Financial Gravity Asset Management Inc. boosted its holdings in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Princeton Global Asset Management LLC acquired a new position in shares of Medtronic during the third quarter valued at $31,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Medtronic during the fourth quarter valued at $49,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MDT. Truist Financial boosted their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Oppenheimer upped their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $94.91.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Medtronic Price Performance

Medtronic stock traded up $0.49 during midday trading on Friday, hitting $79.74. The company’s stock had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average price is $83.53 and its 200-day moving average price is $81.19. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02. The company has a market capitalization of $105.88 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same period in the previous year, the business earned $1.30 earnings per share. Medtronic’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

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.