Medtronic plc (NYSE:MDT) Stock Position Decreased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership decreased its position in Medtronic plc (NYSE:MDT) by 66.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,182,717 shares of the medical technology company’s stock after selling 2,341,448 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Medtronic were worth $94,475,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Medtronic in the fourth quarter worth approximately $1,163,580,000. Raymond James Financial Inc. bought a new stake in Medtronic in the fourth quarter worth $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in Medtronic during the fourth quarter worth $377,169,000. Van ECK Associates Corp raised its holdings in Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Finally, Boston Partners lifted its position in shares of Medtronic by 117.4% in the fourth quarter. Boston Partners now owns 3,102,605 shares of the medical technology company’s stock worth $248,311,000 after buying an additional 1,675,588 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

MDT opened at $89.92 on Tuesday. The stock’s 50 day simple moving average is $91.02 and its 200-day simple moving average is $87.99. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market cap of $115.33 billion, a PE ratio of 27.33, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $8.33 billion. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid 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 3.11%. Medtronic’s dividend payout ratio is currently 85.11%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group lifted their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Robert W. Baird lifted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $96.07.

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.