Medtronic PLC (MDT) Position Trimmed by CIBC Asset Management Inc

CIBC Asset Management Inc cut its holdings in shares of Medtronic PLC (NYSE:MDT) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 136,058 shares of the medical technology company’s stock after selling 3,685 shares during the quarter. CIBC Asset Management Inc’s holdings in Medtronic were worth $12,376,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC purchased a new position in Medtronic during the fourth quarter worth about $27,000. Highwater Wealth Management LLC purchased a new position in Medtronic during the fourth quarter worth about $39,000. IMS Capital Management purchased a new position in Medtronic during the third quarter worth about $41,000. Contravisory Investment Management Inc. lifted its position in 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 buying an additional 330 shares during the period. Finally, Karp Capital Management Corp purchased a new position in Medtronic during the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 80.59% of the company’s stock.

MDT stock opened at $93.79 on Friday. The company has a quick ratio of 1.92, a current ratio of 2.36 and a debt-to-equity ratio of 0.47. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15. The stock has a market capitalization of $125.79 billion, a PE ratio of 19.66, a P/E/G ratio of 2.40 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share (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 business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.53 billion. During the same quarter last year, the firm earned $1.17 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts predict that Medtronic PLC will post 5.15 earnings per share for the current year.

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

In related news, CEO Omar Ishrak bought 12,000 shares of the stock in a transaction dated Wednesday, January 9th. The stock was acquired at an average price of $84.05 per share, for a total transaction of $1,008,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Karen L. Parkhill bought 3,000 shares of the stock in a transaction dated Wednesday, January 9th. The stock was bought at an average price 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.

Several equities analysts recently weighed in on MDT shares. Citigroup downgraded Medtronic from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $109.00 to $96.00 in a research report on Wednesday, January 2nd. ValuEngine lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Monday, January 7th. JPMorgan Chase & Co. upgraded Medtronic from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $100.00 to $109.00 in a research note on Wednesday, December 19th. Morgan Stanley upped their price target on Medtronic from $98.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 2nd. Finally, Deutsche Bank started coverage on Medtronic in a research note on Wednesday, January 2nd. They set a “buy” rating and a $99.00 price target for the company. Nine research 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. The stock presently has a consensus rating of “Buy” and a consensus target price of $104.32.

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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: Return On Assets

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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