Brown Brothers Harriman & Co. Has $11.42 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Brown Brothers Harriman & Co. lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 15.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 142,966 shares of the medical technology company’s stock after selling 27,086 shares during the period. Brown Brothers Harriman & Co.’s holdings in Medtronic were worth $11,420,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in 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 in the last quarter. State Street Corp raised its position in Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after buying an additional 520,027 shares during the last quarter. Norges Bank purchased a new stake in shares of Medtronic in the fourth quarter valued at about $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic during the 4th quarter worth approximately $852,732,000. Finally, First Eagle Investment Management LLC lifted its holdings in Medtronic by 0.3% during the fourth quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock worth $782,201,000 after acquiring an additional 28,910 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 1.5 %

NYSE:MDT opened at $87.62 on Friday. The company’s 50-day simple moving average is $90.98 and its 200 day simple moving average is $88.03. The firm has a market capitalization of $112.38 billion, a P/E ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80. 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 current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (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 business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MDT shares. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $96.07.

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.