Brown Brothers Harriman & Co. Sells 27,086 Shares of Medtronic plc (NYSE:MDT)

Brown Brothers Harriman & Co. lowered its holdings in Medtronic plc (NYSE:MDT - Free Report) by 15.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 142,966 shares of the medical technology company's stock after selling 27,086 shares during the quarter. Brown Brothers Harriman & Co.'s holdings in Medtronic were worth $11,420,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in MDT. Mainstream Capital Management LLC acquired a new stake in Medtronic during the fourth quarter worth about $26,000. Stephens Consulting LLC lifted its position in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after acquiring an additional 204 shares during the period. Rakuten Securities Inc. grew its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares in the last quarter. Fiduciary Advisors Inc. bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $36,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Medtronic in the fourth quarter valued at $40,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock 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 target price on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Truist Financial decreased their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. Finally, Robert W. Baird increased their target price on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Medtronic currently has a consensus rating of "Hold" and a consensus price target of $96.07.

Medtronic Price Performance

Shares of MDT stock traded down $0.73 during trading hours on Tuesday, hitting $89.13. 1,930,175 shares of the company's stock were exchanged, compared to its average volume of 7,647,384. 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 $114.31 billion, a price-to-earnings ratio of 27.11, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock's 50-day moving average is $91.02 and its 200-day moving average is $87.99.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, 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.