New Vernon Investment Management LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

New Vernon Investment Management LLC raised its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 304.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,613 shares of the medical technology company's stock after buying an additional 22,300 shares during the period. Medtronic comprises approximately 1.5% of New Vernon Investment Management LLC's investment portfolio, making the stock its 14th biggest position. New Vernon Investment Management LLC's holdings in Medtronic were worth $2,425,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MDT. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $26,000. Stephens Consulting LLC boosted its holdings in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 204 shares during the period. Rakuten Securities Inc. boosted its holdings in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares during the period. Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $36,000. Finally, Kieckhefer Group LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT traded down $0.36 during trading hours on Wednesday, reaching $84.24. 1,641,169 shares of the company traded hands, compared to its average volume of 6,650,222. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $108.04 billion, a P/E ratio of 25.60, a P/E/G ratio of 2.22 and a beta of 0.79. The business has a fifty day moving average price of $88.01 and a 200-day moving average price of $87.19.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's payout ratio is 85.11%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDT. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird boosted their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of "Hold" and an average price target of $96.14.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.