Two Sigma Advisers LP Trims Stake in Medtronic plc (NYSE:MDT)

Two Sigma Advisers LP lowered its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 27.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 241,020 shares of the medical technology company's stock after selling 92,200 shares during the period. Two Sigma Advisers LP's holdings in Medtronic were worth $19,253,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Olstein Capital Management L.P. increased its position in shares of Medtronic by 8.0% during the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock worth $7,509,000 after purchasing an additional 7,000 shares in the last quarter. Empowered Funds LLC increased its position in shares of Medtronic by 2.7% during the fourth quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock worth $8,453,000 after purchasing an additional 2,778 shares in the last quarter. Caprock Group LLC increased its position in shares of Medtronic by 12.6% during the fourth quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock worth $3,849,000 after purchasing an additional 5,363 shares in the last quarter. Synergy Asset Management LLC increased its position in shares of Medtronic by 107.1% during the fourth quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company's stock worth $19,353,000 after purchasing an additional 117,809 shares in the last quarter. Finally, Equitable Trust Co. increased its position in shares of Medtronic by 91.7% during the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company's stock worth $3,167,000 after purchasing an additional 18,968 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.27 during trading on Tuesday, hitting $80.95. 2,182,025 shares of the stock were exchanged, compared to its average volume of 6,794,896. The company has a fifty day moving average price of $84.84 and a two-hundred day moving average price of $86.35. The company has a market cap of $103.82 billion, a PE ratio of 24.64, a P/E/G ratio of 2.22 and a beta of 0.81. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.46 EPS. On average, analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.51%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and boosted their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Mizuho dropped their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of "Hold" and an average price target 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.