Massachusetts Financial Services Co. MA Lowers Stock Position in Medtronic plc (NYSE:MDT)

Massachusetts Financial Services Co. MA cut its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 14.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,816,182 shares of the medical technology company's stock after selling 3,610,987 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.62% of Medtronic worth $1,662,797,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Medtronic in the fourth quarter worth approximately $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic in the 4th quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in shares of Medtronic in the fourth quarter valued at $377,169,000. Van ECK Associates Corp lifted its holdings in Medtronic by 2,043.4% in the 4th 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 in the last quarter. Finally, Boston Partners lifted its stake in shares of Medtronic by 117.4% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company's stock.

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Medtronic Price Performance

Shares of MDT stock traded up $0.48 during trading hours on Wednesday, reaching $88.97. The company's stock had a trading volume of 5,550,638 shares, compared to its average volume of 6,575,485. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm's 50 day simple moving average is $91.04 and its 200-day simple moving average is $87.99. The company has a market capitalization of $114.11 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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 issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.15%. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Analyst Ratings Changes

Several equities analysts recently issued reports on MDT shares. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Royal Bank of Canada reiterated an "outperform" rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Finally, Robert W. Baird boosted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $96.07.

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.