Boston Partners Buys 1,675,588 Shares of Medtronic plc (NYSE:MDT)

Boston Partners raised its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 117.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,102,605 shares of the medical technology company's stock after acquiring an additional 1,675,588 shares during the period. Boston Partners owned approximately 0.24% of Medtronic worth $248,311,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MDT. Copley Financial Group Inc. acquired a new stake in Medtronic during the third quarter worth approximately $694,000. Franklin Street Advisors Inc. NC grew its position in Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock worth $5,873,000 after buying an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd grew its position in Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock worth $6,626,000 after buying an additional 56,178 shares in the last quarter. Olstein Capital Management L.P. grew its position in Medtronic by 8.0% during the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock worth $7,509,000 after buying an additional 7,000 shares in the last quarter. Finally, Czech National Bank grew its position in Medtronic by 6.4% during the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock worth $22,212,000 after buying an additional 16,786 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Remove Ads

Analyst Ratings Changes

A number of brokerages recently issued reports on MDT. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Barclays increased their price target on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Royal Bank of Canada restated an "outperform" rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $96.07.

Medtronic Price Performance

Shares of MDT traded down $0.85 during trading hours on Friday, reaching $90.37. The stock had a trading volume of 14,027,607 shares, compared to its average volume of 6,103,055. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock has a market capitalization of $115.90 billion, a PE ratio of 27.47, a PEG ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company's 50-day moving average is $90.67 and its two-hundred day moving average is $88.08.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results 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. 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. Research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the firm's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company's stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.