Boston Partners Grows Stake in Medtronic plc (NYSE:MDT)

Boston Partners grew its holdings in Medtronic plc (NYSE:MDT) by 117.4% during the fourth quarter, HoldingsChannel reports. The fund owned 3,102,605 shares of the medical technology company’s stock after purchasing an additional 1,675,588 shares during the period. Boston Partners’ holdings in Medtronic were worth $248,311,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Generali Asset Management SPA SGR purchased a new position in shares of Medtronic in the 4th quarter valued at about $3,109,000. Evoke Wealth LLC purchased a new position in shares of Medtronic in the 4th quarter valued at about $345,000. Horizon Investments LLC increased its holdings in shares of Medtronic by 2.1% in the 4th quarter. Horizon Investments LLC now owns 23,970 shares of the medical technology company’s stock valued at $1,915,000 after acquiring an additional 500 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Medtronic by 0.6% in the 4th quarter. Advisors Asset Management Inc. now owns 166,978 shares of the medical technology company’s stock valued at $13,338,000 after acquiring an additional 921 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. increased its holdings in shares of Medtronic by 4.9% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company’s stock valued at $239,000 after acquiring an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $96.07.

Medtronic Stock Down 1.3 %

MDT opened at $92.10 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The business has a 50 day simple moving average of $90.12 and a 200-day simple moving average of $88.02. The stock has a market capitalization of $118.12 billion, a P/E ratio of 27.99, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) 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. The business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. Medtronic’s dividend payout ratio is currently 85.11%.

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.