Covington Capital Management lifted its stake in Medtronic PLC (NYSE:MDT) by 1.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,862 shares of the medical technology company’s stock after purchasing an additional 177 shares during the period. Covington Capital Management’s holdings in Medtronic were worth $1,800,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Manchester Financial Inc. bought a new position in shares of Medtronic in the 4th quarter worth $28,000. Barnett & Company Inc. bought a new position in shares of Medtronic in the 4th quarter worth $34,000. Stonebridge Financial Planning Group LLC bought a new position in shares of Medtronic in the 4th quarter worth $34,000. CLS Investments LLC boosted its position in shares of Medtronic by 44.2% in the 4th quarter. CLS Investments LLC now owns 346 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 106 shares during the last quarter. Finally, Altshuler Shaham Ltd boosted its position in shares of Medtronic by 303.4% in the 4th quarter. Altshuler Shaham Ltd now owns 351 shares of the medical technology company’s stock worth $40,000 after purchasing an additional 264 shares during the last quarter. Institutional investors and hedge funds own 82.55% of the company’s stock.

NYSE:MDT opened at $80.35 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.28 and a current ratio of 2.75. The stock’s 50-day simple moving average is $102.81 and its 200 day simple moving average is $109.31. The company has a market cap of $97.72 billion, a P/E ratio of 20.39, a P/E/G ratio of 1.83 and a beta of 0.67. Medtronic PLC has a 52-week low of $72.13 and a 52-week high of $122.15.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.06. The business had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.80 billion. Medtronic had a return on equity of 14.76% and a net margin of 17.11%. Medtronic’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. As a group, equities analysts predict that Medtronic PLC will post 5.64 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, March 27th will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Thursday, March 26th. Medtronic’s dividend payout ratio is currently 41.38%.

Several analysts recently commented on the company. Credit Suisse Group dropped their price objective on Medtronic from $126.00 to $121.00 and set an “outperform” rating on the stock in a research note on Friday, March 6th. Morgan Stanley raised their price objective on Medtronic from $116.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Raymond James raised their price objective on Medtronic from $121.00 to $122.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Goldman Sachs Group assumed coverage on Medtronic in a research note on Wednesday, February 12th. They set a “sell” rating and a $118.00 price objective on the stock. Finally, Cfra raised their price objective on Medtronic from $126.00 to $127.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-two have given a buy rating to the stock. Medtronic currently has an average rating of “Buy” and an average target price of $120.77.

In related news, CEO Omar Ishrak bought 8,771 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were acquired at an average price of $110.87 per share, with a total value of $972,440.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.28% of the stock is currently owned by insiders.

About Medtronic

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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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