Arrowstreet Capital Limited Partnership Has $94.48 Million Stock Position in Medtronic plc (NYSE:MDT)

Arrowstreet Capital Limited Partnership cut its position in Medtronic plc (NYSE:MDT - Free Report) by 66.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,182,717 shares of the medical technology company's stock after selling 2,341,448 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.09% of Medtronic worth $94,475,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Medtronic in the 4th quarter worth approximately $1,163,580,000. Raymond James Financial Inc. acquired a new stake in Medtronic in the fourth quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic during the 4th quarter valued at $377,169,000. Van ECK Associates Corp raised its stake in shares of 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 holdings 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 valued at $248,311,000 after buying an additional 1,675,588 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MDT shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. 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 report on Tuesday, March 4th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $96.07.

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Medtronic Stock Down 1.5 %

Shares of Medtronic stock traded down $1.38 during trading on Tuesday, hitting $88.48. 7,059,371 shares of the stock traded hands, compared to its average volume of 6,577,190. The company has a fifty day moving average price of $91.02 and a two-hundred day moving average price of $87.98. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a market cap of $113.48 billion, a P/E ratio of 26.89, 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.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio is 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction on Friday, January 24th. The shares were 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. This represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by company insiders.

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.