Intech Investment Management LLC Sells 29,912 Shares of Medtronic PLC $MDT

Intech Investment Management LLC decreased its stake in shares of Medtronic PLC (NYSE:MDT) by 39.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 45,474 shares of the medical technology company’s stock after selling 29,912 shares during the period. Intech Investment Management LLC’s holdings in Medtronic were worth $4,368,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after acquiring an additional 1,888,381 shares during the last quarter. State Street Corp boosted its position in shares of Medtronic by 1.0% during the third quarter. State Street Corp now owns 60,460,537 shares of the medical technology company’s stock worth $5,800,550,000 after acquiring an additional 625,992 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Medtronic by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock worth $2,665,832,000 after acquiring an additional 231,919 shares during the last quarter. Raymond James Financial Inc. boosted its position in shares of Medtronic by 3.0% during the third quarter. Raymond James Financial Inc. now owns 11,203,865 shares of the medical technology company’s stock worth $1,067,055,000 after acquiring an additional 327,899 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after acquiring an additional 2,658,981 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on MDT shares. Daiwa Securities Group lowered their price objective on shares of Medtronic from $117.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Robert W. Baird increased their price objective on shares of Medtronic from $92.00 to $93.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Needham & Company LLC reiterated a “buy” rating and set a $120.00 price objective on shares of Medtronic in a research report on Thursday, March 26th. The Goldman Sachs Group set a $84.00 price objective on shares of Medtronic and gave the company a “neutral” rating in a research report on Thursday, May 21st. Finally, Piper Sandler lowered their price objective on shares of Medtronic from $105.00 to $91.00 and set a “neutral” rating for the company in a research report on Wednesday, April 1st. Fifteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.45.

Medtronic Price Performance

MDT stock opened at $73.73 on Monday. Medtronic PLC has a 52 week low of $73.67 and a 52 week high of $106.33. The firm has a market capitalization of $94.66 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.76 and a beta of 0.58. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $82.36 and a two-hundred day simple moving average of $92.64.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.9%. Medtronic’s dividend payout ratio is currently 79.11%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).