US Asset Management LLC Cuts Stake in Medtronic plc (NYSE:MDT)

US Asset Management LLC reduced its stake in Medtronic plc (NYSE:MDT) by 4.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,527 shares of the medical technology company’s stock after selling 213 shares during the period. US Asset Management LLC’s holdings in Medtronic were worth $362,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after acquiring an additional 754,395 shares during the last quarter. Capital Research Global Investors raised its holdings in Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after acquiring an additional 571,700 shares during the last quarter. Geode Capital Management LLC raised its holdings in Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after acquiring an additional 574,055 shares during the last quarter. Deutsche Bank AG raised its holdings in Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock worth $1,473,278,000 after acquiring an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MDT. Royal Bank of Canada decreased their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Robert W. Baird dropped their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Mizuho decreased their target price on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $96.07.

Medtronic Trading Down 4.1%

Shares of MDT stock opened at $80.93 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The firm has a fifty day moving average price of $85.29 and a 200-day moving average price of $86.50. 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 company has a market cap of $103.80 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 EPS. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.51%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio is currently 85.11%.

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.