Wellington Management Group LLP Sells 6,004,612 Shares of Medtronic plc (NYSE:MDT)

Wellington Management Group LLP cut its position in Medtronic plc (NYSE:MDT) by 32.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 12,392,532 shares of the medical technology company’s stock after selling 6,004,612 shares during the period. Wellington Management Group LLP’s holdings in Medtronic were worth $989,915,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MDT. Vanguard Group Inc. grew its stake in Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after buying an additional 754,395 shares during the last quarter. State Street Corp grew its stake in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after acquiring an additional 520,027 shares during the last quarter. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter valued at about $1,163,580,000. Raymond James Financial Inc. acquired a new position in shares of Medtronic during the fourth quarter valued at about $852,732,000. Finally, First Eagle Investment Management LLC raised its position in shares of Medtronic by 0.3% in the 4th quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock valued at $782,201,000 after purchasing an additional 28,910 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 2.6 %

MDT opened at $89.92 on Tuesday. The company has a fifty day moving average of $91.02 and a two-hundred day moving average of $87.99. The stock has a market capitalization of $115.33 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. On average, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors 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 dividend on an annualized basis and a yield of 3.11%. Medtronic’s dividend payout ratio is currently 85.11%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’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 transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on MDT shares. UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Finally, Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.