Great West Life Assurance Co. Can Increases Stake in Medtronic PLC (MDT)

Great West Life Assurance Co. Can lifted its holdings in shares of Medtronic PLC (NYSE:MDT) by 5.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,981,102 shares of the medical technology company’s stock after acquiring an additional 98,686 shares during the period. Great West Life Assurance Co. Can owned 0.15% of Medtronic worth $174,917,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the fourth quarter worth approximately $27,000. Highwater Wealth Management LLC purchased a new position in shares of Medtronic during the fourth quarter worth approximately $39,000. IMS Capital Management purchased a new position in shares of Medtronic during the third quarter worth approximately $41,000. Contravisory Investment Management Inc. grew its position in shares of Medtronic by 220.0% during the fourth quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock worth $44,000 after acquiring an additional 330 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in shares of Medtronic during the fourth quarter worth approximately $46,000. Institutional investors and hedge funds own 80.59% of the company’s stock.

A number of equities analysts have recently issued reports on MDT shares. Oppenheimer set a $104.00 target price on shares of Medtronic and gave the stock a “buy” rating in a research report on Wednesday, February 20th. ValuEngine lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Monday, January 7th. Citigroup raised their target price on shares of Medtronic from $95.00 to $101.00 and gave the stock a “neutral” rating in a research report on Monday, February 25th. Barclays decreased their price target on Medtronic from $113.00 to $104.00 and set an “overweight” rating for the company in a report on Tuesday, January 8th. Finally, Deutsche Bank assumed coverage on Medtronic in a report on Wednesday, January 2nd. They set a “buy” rating and a $99.00 price target for the company. Nine investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $104.32.

Medtronic stock opened at $93.79 on Friday. Medtronic PLC has a one year low of $76.41 and a one year high of $100.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.36 and a quick ratio of 1.92. The firm has a market capitalization of $125.79 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 2.40 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter last year, the company earned $1.17 earnings per share. Medtronic’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, analysts predict that Medtronic PLC will post 5.15 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 41.93%.

In other Medtronic news, CEO Omar Ishrak bought 12,000 shares of Medtronic stock in a transaction on Wednesday, January 9th. The stock was bought at an average price of $84.05 per share, with a total value of $1,008,600.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Karen L. Parkhill bought 3,000 shares of Medtronic stock in a transaction on Wednesday, January 9th. The stock was acquired at an average cost of $83.87 per share, with a total value of $251,610.00. The disclosure for this purchase can be found here. 0.28% of the stock is currently owned by company insiders.

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About Medtronic

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.

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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