CIBC Asset Management Inc Acquires 166,085 Shares of Medtronic PLC $MDT

CIBC Asset Management Inc boosted its holdings in shares of Medtronic PLC (NYSE:MDT) by 18.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,072,930 shares of the medical technology company’s stock after buying an additional 166,085 shares during the quarter. CIBC Asset Management Inc’s holdings in Medtronic were worth $103,066,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Lodestone Wealth Management LLC bought a new stake in Medtronic during the fourth quarter valued at approximately $27,000. Anfield Capital Management LLC grew its position in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after buying an additional 230 shares during the period. Board of the Pension Protection Fund bought a new stake in Medtronic during the fourth quarter valued at approximately $29,000. GoalVest Advisory LLC bought a new stake in Medtronic during the fourth quarter valued at approximately $29,000. Finally, Imprint Wealth LLC bought a new stake in Medtronic during the third quarter valued at about $31,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Evercore set a $106.00 price target on Medtronic and gave the company an “outperform” rating in a report on Thursday, April 9th. Piper Sandler cut their price target on Medtronic from $105.00 to $91.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Barclays boosted their price target on Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. Mizuho cut their price target on Medtronic from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Monday, April 13th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Wednesday, February 18th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $106.45.

Medtronic Price Performance

Shares of NYSE:MDT opened at $73.72 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The firm has a fifty day moving average price of $82.11 and a 200 day moving average price of $92.49. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The firm has a market cap of $94.65 billion, a price-to-earnings ratio of 20.54, a P/E/G ratio of 1.76 and a beta of 0.58.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, March 27th. Medtronic’s dividend payout ratio is 79.11%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).