Bridges Investment Management Inc. trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 51.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,839 shares of the medical technology company’s stock after selling 12,486 shares during the period. Bridges Investment Management Inc.’s holdings in Medtronic were worth $1,078,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in MDT. Marshall Wace LLP acquired a new position in shares of Medtronic in the third quarter valued at $2,259,000. Vanguard Group Inc grew its position in Medtronic by 1.1% in the third quarter. Vanguard Group Inc now owns 109,447,687 shares of the medical technology company’s stock valued at $10,766,369,000 after acquiring an additional 1,199,118 shares during the period. Visionary Asset Management Inc. bought a new stake in Medtronic in the fourth quarter valued at $211,000. Union Bankshares Corp grew its position in Medtronic by 3.2% in the fourth quarter. Union Bankshares Corp now owns 35,467 shares of the medical technology company’s stock valued at $3,227,000 after acquiring an additional 1,099 shares during the period. Finally, Cozad Asset Management Inc. grew its position in Medtronic by 12.0% in the fourth quarter. Cozad Asset Management Inc. now owns 2,982 shares of the medical technology company’s stock valued at $271,000 after acquiring an additional 320 shares during the period. Hedge funds and other institutional investors own 81.51% of the company’s stock.
Shares of MDT stock opened at $88.33 on Friday. The company has a current ratio of 2.36, a quick ratio of 1.92 and a debt-to-equity ratio of 0.47. The firm has a market cap of $118.21 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 2.19 and a beta of 0.78. Medtronic PLC has a 52 week low of $81.66 and a 52 week high of $100.15.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is presently 41.93%.
A number of analysts have weighed in on MDT shares. BTIG Research upgraded Medtronic from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Tuesday, January 15th. Needham & Company LLC reiterated a “strong-buy” rating and issued a $117.00 price target (down from $120.00) on shares of Medtronic in a research report on Monday, February 4th. Oppenheimer set a $104.00 price target on Medtronic and gave the company a “buy” rating in a research report on Wednesday, February 20th. Wells Fargo & Co lowered their price target on Medtronic from $101.00 to $100.00 and set a “market perform” rating on the stock in a research report on Thursday, April 4th. Finally, Citigroup upped their price target on Medtronic from $95.00 to $101.00 and gave the company a “neutral” rating in a research report on Monday, February 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Medtronic currently has a consensus rating of “Buy” and an average price target of $103.39.
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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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