American Century Companies Inc. Trims Stock Holdings in Medtronic plc (NYSE:MDT)

American Century Companies Inc. lessened its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,373,606 shares of the medical technology company's stock after selling 343,679 shares during the quarter. Medtronic makes up 0.4% of American Century Companies Inc.'s portfolio, making the stock its 24th biggest position. American Century Companies Inc. owned 0.73% of Medtronic worth $748,764,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new position in Medtronic in the 4th quarter worth $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company's stock worth $661,125,000 after buying an additional 5,975,110 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after buying an additional 2,476,935 shares during the period. Bank of Montreal Can boosted its position in Medtronic by 65.0% during the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company's stock valued at $406,122,000 after acquiring an additional 1,790,483 shares in the last quarter. Finally, Boston Partners grew its holdings in shares of Medtronic by 117.4% during the 4th quarter. Boston Partners now owns 3,102,605 shares of the medical technology company's stock worth $248,311,000 after acquiring an additional 1,675,588 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms recently weighed in on MDT. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Barclays increased their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 26th. Robert W. Baird upped their price objective 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, Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $96.07.

Insider Activity at Medtronic

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 shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company's stock, 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 SEC, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

Medtronic Stock Down 1.8 %

Shares of MDT stock traded down $1.63 during mid-day trading on Tuesday, hitting $88.50. The company's stock had a trading volume of 8,819,534 shares, compared to its average volume of 6,102,713. 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 plc has a 52-week low of $75.96 and a 52-week high of $96.25. The stock has a market cap of $113.51 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.22 and a beta of 0.80. The business has a 50-day moving average price of $90.84 and a 200 day moving average price of $88.05.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results 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. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, March 28th. Medtronic's 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.