US Bancorp DE Buys 23,330 Shares of Medtronic plc (NYSE:MDT)
US Bancorp DE boosted its stake in shares of Medtronic plc (NYSE:MDT) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,258,854 shares of the medical technology company’s stock after purchasing an additional 23,330 shares during the quarter. US Bancorp DE owned about 0.09% of Medtronic worth $148,708,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Diversified LLC bought a new position in Medtronic during the fourth quarter worth $25,000. Vantage Consulting Group Inc bought a new stake in shares of Medtronic in the fourth quarter valued at about $26,000. Concord Wealth Partners bought a new stake in shares of Medtronic in the fourth quarter valued at about $26,000. Safeguard Investment Advisory Group LLC bought a new stake in shares of Medtronic in the fourth quarter valued at about $26,000. Finally, JCIC Asset Management Inc. boosted its position in shares of Medtronic by 335.2% in the fourth quarter. JCIC Asset Management Inc. now owns 235 shares of the medical technology company’s stock valued at $28,000 after acquiring an additional 181 shares during the period. 79.17% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on the stock. Raymond James boosted their target price on shares of Medtronic from $122.00 to $128.00 and gave the company an “outperform” rating in a research report on Wednesday, March 3rd. Credit Suisse Group boosted their price target on Medtronic from $126.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, March 3rd. Stifel Nicolaus boosted their price target on Medtronic from $132.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, March 2nd. Cowen boosted their price target on Medtronic from $120.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 24th. Finally, SVB Leerink boosted their price target on Medtronic from $123.00 to $129.00 and gave the company a “market perform” rating in a research note on Tuesday, March 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $124.30.
Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.14. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. The business had revenue of $7.78 billion for the quarter, compared to analysts’ expectations of $7.77 billion. During the same period in the prior year, the business posted $1.44 earnings per share. The firm’s revenue was up .8% on a year-over-year basis. Research analysts forecast that Medtronic plc will post 4.21 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 16th. Shareholders of record on Friday, March 26th were issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend was Thursday, March 25th. Medtronic’s payout ratio is 50.54%.
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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