Tower Bridge Advisors Reduces Holdings in Medtronic plc (NYSE:MDT)

Tower Bridge Advisors lowered its position in shares of Medtronic plc (NYSE:MDT) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,558 shares of the medical technology company’s stock after selling 1,338 shares during the period. Tower Bridge Advisors’ holdings in Medtronic were worth $3,400,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its position in Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after buying an additional 520,027 shares during the period. Pzena Investment Management LLC grew its position in shares of Medtronic by 3.3% during the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after acquiring an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after acquiring an additional 5,975,110 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock valued at $530,612,000 after acquiring an additional 609,391 shares during the period. Finally, Stifel Financial Corp boosted its stake in Medtronic by 2.9% during the 3rd quarter. Stifel Financial Corp now owns 5,842,020 shares of the medical technology company’s stock worth $525,960,000 after purchasing an additional 164,700 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $92.00 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $117.97 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. The firm has a 50-day moving average price of $87.08 and a two-hundred day moving average price of $87.42. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MDT. Wells Fargo & Company reduced their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $95.00.

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.