Taika Capital LP Invests $1.49 Million in Medtronic plc (NYSE:MDT)

Taika Capital LP acquired a new stake in Medtronic plc (NYSE:MDT) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 16,582 shares of the medical technology company’s stock, valued at approximately $1,493,000. Medtronic accounts for about 1.1% of Taika Capital LP’s holdings, making the stock its 27th largest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDT. BDF Gestion purchased a new stake in Medtronic in the 2nd quarter valued at about $1,914,000. Opal Wealth Advisors LLC purchased a new stake in Medtronic during the second quarter worth about $43,000. Hexagon Capital Partners LLC increased its stake in Medtronic by 8.5% during the second quarter. Hexagon Capital Partners LLC now owns 3,106 shares of the medical technology company’s stock worth $244,000 after purchasing an additional 244 shares during the period. Atlas Private Wealth Advisors increased its stake in Medtronic by 145.3% during the second quarter. Atlas Private Wealth Advisors now owns 10,734 shares of the medical technology company’s stock worth $845,000 after purchasing an additional 6,359 shares during the period. Finally, Gateway Investment Advisers LLC increased its stake in Medtronic by 0.9% during the second quarter. Gateway Investment Advisers LLC now owns 115,306 shares of the medical technology company’s stock worth $9,076,000 after purchasing an additional 973 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $84.14 on Friday. The stock has a 50 day moving average price of $88.35 and a 200 day moving average price of $85.00. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $107.89 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. Research analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.33%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MDT. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic Profile

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.