Medtronic plc (NYSE:MDT) Shares Acquired by Ieq Capital LLC
Posted by Logan Wallace on Jan 24th, 2023
Ieq Capital LLC increased its stake in Medtronic plc (NYSE:MDT – Get Rating) by 22.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,907 shares of the medical technology company's stock after acquiring an additional 6,689 shares during the period. Ieq Capital LLC's holdings in Medtronic were worth $2,980,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Castle Wealth Management LLC purchased a new position in Medtronic in the second quarter valued at approximately $28,000. IAG Wealth Partners LLC raised its holdings in Medtronic by 58.1% in the third quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company's stock valued at $28,000 after buying an additional 129 shares during the period. Tortoise Investment Management LLC raised its holdings in Medtronic by 53.2% in the second quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company's stock valued at $32,000 after buying an additional 124 shares during the period. West Branch Capital LLC raised its holdings in Medtronic by 84.8% in the second quarter. West Branch Capital LLC now owns 377 shares of the medical technology company's stock valued at $34,000 after buying an additional 173 shares during the period. Finally, Fairfield Bush & CO. purchased a new position in Medtronic in the first quarter valued at approximately $47,000. 80.37% of the stock is owned by institutional investors and hedge funds.
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Medtronic Trading Up 1.8 %
NYSE MDT opened at $82.37 on Tuesday. Medtronic plc has a one year low of $75.76 and a one year high of $114.31. The company has a 50-day simple moving average of $78.93 and a 200-day simple moving average of $84.63. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.41 and a current ratio of 1.76. The firm has a market capitalization of $109.57 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 1.99 and a beta of 0.71.
Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.28 by $0.02. Medtronic had a net margin of 14.03% and a return on equity of 13.52%. The business had revenue of $7.59 billion during the quarter, compared to analyst estimates of $7.70 billion. During the same period in the previous year, the business posted $1.32 EPS. The company's quarterly revenue was down 3.3% on a year-over-year basis. On average, equities analysts forecast that Medtronic plc will post 5.26 earnings per share for the current year.
Medtronic Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Wednesday, December 21st were paid a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Tuesday, December 20th. Medtronic's payout ratio is 84.47%.
A number of research firms have recently commented on MDT. Mizuho reduced their target price on shares of Medtronic from $100.00 to $95.00 in a research report on Tuesday. Barclays dropped their price target on shares of Medtronic from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Friday, November 25th. Oppenheimer downgraded shares of Medtronic from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $106.00 to $85.00 in a research note on Wednesday, November 23rd. Cowen dropped their price target on shares of Medtronic from $117.00 to $90.00 in a research note on Wednesday, November 23rd. Finally, Cowen dropped their price target on shares of Medtronic from $117.00 to $90.00 in a research note on Wednesday, November 23rd. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $94.25.
Insider Buying and Selling at Medtronic
In other Medtronic news, EVP Sean Salmon sold 16,631 shares of the business's stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $80.50, for a total transaction of $1,338,795.50. Following the completion of the transaction, the executive vice president now directly owns 36,088 shares of the company's stock, valued at approximately $2,905,084. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.
Medtronic Profile
Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.
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