Bridgewater Associates LP Has $40.85 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Bridgewater Associates LP lowered its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 12.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 511,349 shares of the medical technology company's stock after selling 71,379 shares during the period. Bridgewater Associates LP's holdings in Medtronic were worth $40,847,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board grew its holdings in Medtronic by 31.2% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 14,270 shares of the medical technology company's stock valued at $1,140,000 after purchasing an additional 3,395 shares in the last quarter. Cohen & Steers Inc. boosted its stake in shares of Medtronic by 5.3% during the 4th quarter. Cohen & Steers Inc. now owns 3,856 shares of the medical technology company's stock valued at $308,000 after buying an additional 195 shares during the last quarter. SageView Advisory Group LLC increased its stake in shares of Medtronic by 151.3% in the fourth quarter. SageView Advisory Group LLC now owns 10,009 shares of the medical technology company's stock worth $800,000 after buying an additional 6,026 shares during the last quarter. Savvy Advisors Inc. raised its holdings in Medtronic by 110.1% in the fourth quarter. Savvy Advisors Inc. now owns 9,431 shares of the medical technology company's stock valued at $753,000 after acquiring an additional 4,942 shares in the last quarter. Finally, Stamos Capital Partners L.P. boosted its stake in Medtronic by 4.9% during the 4th quarter. Stamos Capital Partners L.P. now owns 59,360 shares of the medical technology company's stock valued at $4,742,000 after acquiring an additional 2,760 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the topic of a number of recent analyst reports. UBS Group upped their target price 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 restated 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 lifted their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Royal Bank of Canada reiterated an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of "Hold" and an average target price of $96.14.

Medtronic Price Performance

Shares of NYSE:MDT traded down $0.12 on Friday, hitting $82.58. The stock had a trading volume of 5,937,486 shares, compared to its average volume of 6,674,143. The company has a market capitalization of $105.91 billion, a price-to-earnings ratio of 25.10, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. 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 firm's 50 day moving average price is $88.91 and its 200-day moving average price is $87.42. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for 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%. On average, equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value 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 $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company's stock.

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.