K.J. Harrison & Partners Inc Invests $395,000 in Medtronic plc (NYSE:MDT)

K.J. Harrison & Partners Inc acquired a new position in shares of Medtronic plc (NYSE:MDT) in the 4th quarter, Holdings Channel reports. The fund acquired 4,800 shares of the medical technology company’s stock, valued at approximately $395,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Hartford Financial Management Inc. boosted its stake in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after buying an additional 255 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Medtronic in the fourth quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. boosted its stake in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after buying an additional 236,064 shares in the last quarter. Financial Gravity Asset Management Inc. boosted its stake in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new stake in Medtronic in the third quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

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

Medtronic Stock Up 0.6 %

Shares of NYSE MDT traded up $0.49 during trading on Friday, reaching $79.74. The company had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The stock has a market cap of $105.88 billion, a PE ratio of 25.39, a P/E/G ratio of 2.71 and a beta of 0.76. The business’s 50-day moving average is $83.53 and its 200 day moving average is $81.16. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. 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 prior year, the firm posted $1.30 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

Insider Activity at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on 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 directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on 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 directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Marinaro sold 854 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Medtronic Company 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.