Brandywine Global Investment Management LLC Has $117.93 Million Stock Position in Medtronic plc (NYSE:MDT)

Brandywine Global Investment Management LLC cut its position in Medtronic plc (NYSE:MDT) by 3.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,476,289 shares of the medical technology company’s stock after selling 49,319 shares during the quarter. Medtronic makes up about 0.9% of Brandywine Global Investment Management LLC’s holdings, making the stock its 25th biggest position. Brandywine Global Investment Management LLC’s holdings in Medtronic were worth $117,926,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Mainstream Capital Management LLC acquired a new position in shares of Medtronic during the 4th quarter worth about $26,000. Stephens Consulting LLC increased its position in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares during the period. Rakuten Securities Inc. boosted its position in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares during the period. Fiduciary Advisors Inc. acquired a new stake in shares of Medtronic in the fourth quarter worth $36,000. Finally, Kieckhefer Group LLC bought a new position in Medtronic during the fourth quarter worth $40,000. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MDT has been the subject of a number of research reports. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $96.07.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $87.62 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. 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 firm’s 50 day moving average is $90.98 and its 200-day moving average is $88.01. The firm has a market capitalization of $112.38 billion, a price-to-earnings ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.20%. Medtronic’s dividend payout ratio is currently 85.11%.

Medtronic Company 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.