Intech Investment Management LLC Trims Stake in Medtronic PLC $MDT

Intech Investment Management LLC reduced its holdings in shares of Medtronic PLC (NYSE:MDT) by 39.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Huntington National Bank increased its holdings in Medtronic by 1.6% during the fourth quarter. Huntington National Bank now owns 174,510 shares of the medical technology company’s stock valued at $16,763,000 after buying an additional 2,698 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in Medtronic by 14.8% during the fourth quarter. Kingsview Wealth Management LLC now owns 19,467 shares of the medical technology company’s stock valued at $1,870,000 after buying an additional 2,506 shares during the last quarter. Community Bank & Trust Waco Texas increased its holdings in Medtronic by 2.9% during the fourth quarter. Community Bank & Trust Waco Texas now owns 19,210 shares of the medical technology company’s stock valued at $1,845,000 after buying an additional 547 shares during the last quarter. Geode Capital Management LLC increased its holdings in 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 valued at $2,665,832,000 after buying an additional 231,919 shares during the last quarter. Finally, Millington Financial Advisors LLC increased its holdings in Medtronic by 4.8% during the fourth quarter. Millington Financial Advisors LLC now owns 26,027 shares of the medical technology company’s stock valued at $2,678,000 after buying an additional 1,190 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

MDT opened at $73.73 on Monday. The firm has a market cap of $94.66 billion, a P/E ratio of 20.54, a PEG ratio of 1.76 and a beta of 0.58. Medtronic PLC has a 1-year low of $73.67 and a 1-year high of $106.33. The company has a 50 day simple moving average of $82.36 and a two-hundred day simple moving average of $92.64. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87.

Medtronic Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays upped their target price on shares of Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. UBS Group dropped their price target on shares of Medtronic from $104.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, April 22nd. Mizuho dropped their price target on shares of Medtronic from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Monday, April 13th. Argus dropped their price target on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Finally, Piper Sandler dropped their price target 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 investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.45.

Medtronic Company Profile

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).