Cornercap Investment Counsel Inc. Takes $943,000 Position in Medtronic plc (NYSE:MDT)

Cornercap Investment Counsel Inc. acquired a new stake in shares of Medtronic plc (NYSE:MDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,451 shares of the medical technology company’s stock, valued at approximately $943,000.

A number of other hedge funds have also made changes to their positions in the stock. Hartford Financial Management Inc. lifted its position in shares of Medtronic by 425.0% in the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after acquiring an additional 255 shares during the period. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. lifted its position in shares of Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. lifted its position in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.1 %

NYSE:MDT opened at $80.23 on Tuesday. The stock’s fifty day simple moving average is $84.52 and its 200-day simple moving average is $81.02. 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 firm has a market capitalization of $106.53 billion, a P/E ratio of 25.55, a P/E/G ratio of 2.74 and a beta of 0.76. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.30 earnings per share. Equities research analysts expect that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.44%. Medtronic’s dividend payout ratio is presently 87.90%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MDT shares. Mizuho increased their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Truist Financial increased their target price on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Oppenheimer increased their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.91.

Insiders Place Their Bets

In other 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 value of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 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 value of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

About Medtronic

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.