Franklin Resources Inc. Reduces Stake in Medtronic plc (NYSE:MDT)

Franklin Resources Inc. cut its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,319,139 shares of the medical technology company's stock after selling 309,882 shares during the quarter. Franklin Resources Inc. owned approximately 1.27% of Medtronic worth $1,303,572,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Mainstream Capital Management LLC purchased a new stake in Medtronic in the fourth quarter worth $26,000. Rakuten Securities Inc. increased its holdings in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Stephens Consulting LLC raised its stake in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 204 shares during the period. Fiduciary Advisors Inc. bought a new position in Medtronic during the fourth quarter worth about $36,000. Finally, Chelsea Counsel Co. purchased a new position in shares of Medtronic in the third quarter worth about $45,000. 82.06% of the stock is currently owned by institutional investors.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the company's stock in a transaction 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. This represents a 19.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by company insiders.

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Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MDT shares. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. UBS Group boosted their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Medtronic presently has an average rating of "Hold" and an average price target of $96.07.

Medtronic Price Performance

Shares of NYSE MDT traded down $1.38 during trading hours on Tuesday, reaching $88.48. 7,059,371 shares of the stock traded hands, compared to its average volume of 6,577,190. The company's 50-day simple moving average is $91.02 and its two-hundred day simple moving average is $87.99. The company has a market capitalization of $113.48 billion, a P/E ratio of 26.89, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. Medtronic plc has a 52-week low of $75.96 and a 52-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.

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

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. 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 (DPR) is presently 85.11%.

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.