GSA Capital Partners LLP Boosts Stock Position in Medtronic PLC $MDT

Key Points

• GSA Capital Partners increased its Medtronic stake by 521% in the fourth quarter, ending with 18,158 shares valued at about $1.74 million. The filing also noted that 82.06% of Medtronic’s stock is held by hedge funds and other institutional investors.
• Medtronic recently reported better-than-expected quarterly results, with earnings of $1.36 per share and revenue of $9.02 billion, both topping analyst estimates. Revenue rose 5.8% year over year, and analysts expect full-year EPS of 5.57.
• The company continues to highlight its dividend appeal, having paid a quarterly dividend of $0.71 per share for an annualized yield of about 3.6%. Medtronic also has a long track record of dividend growth, with its 47-year streak of increases expected to continue.

GSA Capital Partners LLP grew its stake in Medtronic PLC (NYSE:MDT - Free Report) by 521.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,158 shares of the medical technology company's stock after purchasing an additional 15,234 shares during the period. GSA Capital Partners LLP's holdings in Medtronic were worth $1,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in MDT. Lodestone Wealth Management LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $27,000. Anfield Capital Management LLC grew its position in shares of Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 230 shares in the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of Medtronic in the third quarter valued at approximately $29,000. Board of the Pension Protection Fund purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $29,000. Finally, GoalVest Advisory LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $29,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Medtronic

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic’s long-running dividend growth story is in focus again, with investors viewing the company as a stable income name as its 47-year streak of dividend increases is expected to continue. Medtronic dividend preview: 47-year growth streak set to continue
• Positive Sentiment: Medtronic is also benefiting from the broader “silver economy” investment theme, as aging populations continue to drive demand for medical devices and healthcare solutions. Silver Economy Investing: Why the Healthcare Giants Are in Focus
• Neutral Sentiment: The company announced Kweli Thompson will take over leadership of its neuroscience portfolio, replacing Brett Wall as part of a planned transition. The move keeps attention on execution in a major segment, but it is not a major financial update by itself. Medtronic Neuroscience Appointment Puts Focus On Execution And Growth Risks
• Neutral Sentiment: Medtronic also named new leaders in its neuroscience portfolio in a separate announcement, reinforcing that the change is already being absorbed by the market. Medtronic, BD name new leaders
• Neutral Sentiment: Recent trading commentary noted MDT had been advancing while the broader market declined, suggesting relative strength rather than a company-specific catalyst. Medtronic (MDT) Advances While Market Declines: Some Information for Investors

Medtronic Stock Up 1.5%

MDT opened at $78.51 on Wednesday. The business's 50-day simple moving average is $84.20 and its 200-day simple moving average is $93.43. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. Medtronic PLC has a one year low of $74.40 and a one year high of $106.33. The stock has a market capitalization of $100.80 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 1.84 and a beta of 0.62.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, February 17th. The medical technology company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.The business had revenue of $9.02 billion for the quarter, compared to analysts' expectations of $8.89 billion. During the same quarter in the previous year, the firm earned $1.38 earnings per share. The business's revenue was up 5.8% compared to the same quarter last year. Analysts anticipate that Medtronic PLC will post 5.57 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a dividend of $0.71 per share. The ex-dividend date was Friday, March 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic's payout ratio is 79.11%.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 52,524 shares of Medtronic stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $97.71, for a total transaction of $5,132,120.04. Following the sale, the executive vice president owned 32,768 shares in the company, valued at approximately $3,201,761.28. The trade was a 61.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company's stock.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Wells Fargo & Company initiated coverage on Medtronic in a report on Friday, January 30th. They set an "overweight" rating and a $114.00 price target for the company. Daiwa Securities Group lowered their price target on Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a report on Friday, February 27th. Truist Financial lowered their price target on Medtronic from $103.00 to $95.00 and set a "hold" rating for the company in a report on Wednesday, April 15th. Robert W. Baird raised their price target on Medtronic from $92.00 to $93.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. Finally, Barclays raised their price target on Medtronic from $118.00 to $120.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 1st. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.80.

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).

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.