Cullen Capital Management LLC Has $204.30 Million Holdings in Medtronic plc (NYSE:MDT)

Cullen Capital Management LLC reduced its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 6.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,557,559 shares of the medical technology company's stock after selling 178,010 shares during the period. Medtronic comprises about 2.3% of Cullen Capital Management LLC's investment portfolio, making the stock its 15th biggest position. Cullen Capital Management LLC owned 0.20% of Medtronic worth $204,298,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Medtronic in the 4th quarter worth approximately $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic during the fourth quarter worth $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in shares of Medtronic in the fourth quarter valued at $377,169,000. Van ECK Associates Corp raised its holdings in shares of Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after buying an additional 2,476,935 shares during the last quarter. Finally, Boston Partners lifted its position in Medtronic by 117.4% during the 4th quarter. Boston Partners now owns 3,102,605 shares of the medical technology company's stock worth $248,311,000 after buying an additional 1,675,588 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on MDT shares. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, December 18th. Finally, Robert W. Baird raised their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $96.07.

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Medtronic Trading Down 2.4 %

MDT stock traded down $2.00 during midday trading on Wednesday, hitting $79.89. 2,065,577 shares of the company's stock were exchanged, compared to its average volume of 6,620,750. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. 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 has a market cap of $102.46 billion, a PE ratio of 24.21, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The stock's fifty day moving average price is $90.28 and its 200-day moving average price is $87.79.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share 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. Research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders 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 yield of 3.51%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company's stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Medtronic Company 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.