Worldquant Millennium Advisors LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Worldquant Millennium Advisors LLC lessened its holdings in Medtronic plc (NYSE:MDT - Free Report) by 84.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 160,642 shares of the medical technology company's stock after selling 875,066 shares during the period. Worldquant Millennium Advisors LLC's holdings in Medtronic were worth $12,832,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Waverly Advisors LLC raised its stake in shares of Medtronic by 166.1% in the 4th quarter. Waverly Advisors LLC now owns 26,419 shares of the medical technology company's stock valued at $2,110,000 after acquiring an additional 16,491 shares during the period. Woodline Partners LP purchased a new stake in Medtronic during the 4th quarter worth $24,002,000. Vivaldi Capital Management LP purchased a new stake in Medtronic during the 4th quarter worth $14,984,000. Waters Parkerson & CO. LLC increased its stake in Medtronic by 33.6% during the 4th quarter. Waters Parkerson & CO. LLC now owns 6,953 shares of the medical technology company's stock worth $555,000 after buying an additional 1,750 shares during the period. Finally, WBI Investments LLC increased its stake in Medtronic by 10.9% during the 4th quarter. WBI Investments LLC now owns 6,936 shares of the medical technology company's stock worth $554,000 after buying an additional 680 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 2.1%

MDT stock opened at $84.52 on Thursday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a market capitalization of $108.40 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The firm's 50-day moving average is $85.54 and its two-hundred day moving average is $86.56. 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 (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the firm earned $1.46 EPS. The business's revenue for the quarter was up 3.9% on a year-over-year basis. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.36%. Medtronic's payout ratio is presently 85.11%.

Analyst Ratings Changes

MDT has been the topic of several analyst reports. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird boosted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Monday. UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of "Hold" and an average target price of $96.14.

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.

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