Brown Brothers Harriman & Co. Lowers Stock Position in Medtronic plc (NYSE:MDT)

Brown Brothers Harriman & Co. decreased its holdings in Medtronic plc (NYSE:MDT) by 15.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 200,971 shares of the medical technology company’s stock after selling 37,517 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Medtronic were worth $15,818,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Chemung Canal Trust Co. raised its holdings in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Medtronic during the 2nd quarter worth approximately $25,643,000. TD Asset Management Inc grew its stake in shares of Medtronic by 4.3% in the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after purchasing an additional 42,988 shares during the last quarter. SageView Advisory Group LLC increased its holdings in shares of Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after purchasing an additional 9,523 shares during the period. Finally, Camden National Bank raised its stake in shares of Medtronic by 98.7% during the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after purchasing an additional 59,625 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird raised their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Stock Performance

NYSE:MDT opened at $90.00 on Monday. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a fifty day simple moving average of $83.60 and a 200-day simple moving average of $82.79. The company has a market capitalization of $115.40 billion, a PE ratio of 32.73, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Medtronic 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.