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

Wellington Management Group LLP cut its holdings in shares of Medtronic plc (NYSE:MDT) by 32.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,392,532 shares of the medical technology company’s stock after selling 6,004,612 shares during the quarter. Wellington Management Group LLP owned approximately 0.97% of Medtronic worth $989,915,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Skba Capital Management LLC increased its holdings in Medtronic by 15.2% in the 4th quarter. Skba Capital Management LLC now owns 269,061 shares of the medical technology company’s stock valued at $21,493,000 after acquiring an additional 35,400 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Medtronic by 122.0% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 389,379 shares of the medical technology company’s stock valued at $31,104,000 after purchasing an additional 213,970 shares in the last quarter. Bcwm LLC bought a new stake in shares of Medtronic in the fourth quarter worth about $8,520,000. Physician Wealth Advisors Inc. purchased a new stake in shares of Medtronic in the fourth quarter worth about $143,000. Finally, CIBC Private Wealth Group LLC boosted its stake in Medtronic by 8.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 487,185 shares of the medical technology company’s stock valued at $40,280,000 after buying an additional 38,348 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Up 2.6 %

Shares of MDT opened at $89.92 on Tuesday. The firm has a fifty day moving average price of $91.02 and a 200-day moving average price of $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 firm has a market capitalization of $115.33 billion, a P/E ratio of 27.33, 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 released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 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.