Colrain Capital LLC Increases Stock Position in Medtronic PLC $MDT

Colrain Capital LLC grew its holdings in shares of Medtronic PLC (NYSE:MDT) by 43.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,595 shares of the medical technology company’s stock after purchasing an additional 15,355 shares during the period. Medtronic makes up about 2.8% of Colrain Capital LLC’s holdings, making the stock its 19th biggest position. Colrain Capital LLC’s holdings in Medtronic were worth $4,855,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MDT. Corundum Trust Company INC purchased a new stake in shares of Medtronic during the 3rd quarter worth $27,000. Valley Wealth Managers Inc. acquired a new stake in shares of Medtronic in the third quarter valued at about $29,000. Delos Wealth Advisors LLC purchased a new stake in Medtronic during the second quarter worth about $27,000. Steigerwald Gordon & Koch Inc. acquired a new position in Medtronic during the third quarter worth about $33,000. Finally, Tripletail Wealth Management LLC purchased a new position in Medtronic in the third quarter valued at about $34,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE MDT opened at $99.57 on Tuesday. The company has a 50-day simple moving average of $99.25 and a 200-day simple moving average of $96.53. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.42 and a quick ratio of 1.80. The company has a market cap of $127.65 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 2.62 and a beta of 0.71. Medtronic PLC has a 12 month low of $79.55 and a 12 month high of $106.33.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.05. The firm had revenue of $8.96 billion for the quarter, compared to analyst estimates of $8.86 billion. Medtronic had a net margin of 13.71% and a return on equity of 14.86%. Medtronic’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.26 earnings per share. On average, equities analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, December 26th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, December 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. Medtronic’s payout ratio is currently 76.55%.

Analyst Ratings Changes

A number of research firms have commented on MDT. Barclays initiated coverage on Medtronic in a research report on Friday. They set an “overweight” rating and a $116.00 target price on the stock. Daiwa Securities Group increased their price objective on shares of Medtronic from $104.00 to $117.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. The Goldman Sachs Group set a $111.00 target price on shares of Medtronic and gave the stock a “neutral” rating in a research report on Wednesday, November 19th. Truist Financial reduced their price target on shares of Medtronic from $110.00 to $107.00 and set a “hold” rating on the stock in a report on Thursday, December 18th. Finally, Leerink Partners set a $120.00 price objective on shares of Medtronic and gave the stock an “outperform” rating in a research note on Wednesday, November 19th. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Medtronic has an average rating of “Moderate Buy” and a consensus price target of $111.21.

Medtronic 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).