PGGM Investments Sells 179,314 Shares of Medtronic PLC $MDT

PGGM Investments cut its stake in Medtronic PLC (NYSE:MDT) by 15.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,011,914 shares of the medical technology company’s stock after selling 179,314 shares during the period. Medtronic accounts for about 1.5% of PGGM Investments’ investment portfolio, making the stock its 28th biggest position. PGGM Investments owned approximately 0.08% of Medtronic worth $97,204,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of MDT. Barclays PLC raised its stake in shares of Medtronic by 104.6% in the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock worth $650,604,000 after acquiring an additional 3,492,192 shares during the last quarter. Schroder Investment Management Group grew its position in shares of Medtronic by 78.3% during the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock worth $717,143,000 after buying an additional 3,307,211 shares during the period. Guinness Asset Management LTD acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $275,556,000. Wellington Management Group LLP grew its position in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after buying an additional 2,658,981 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Medtronic by 2,297.7% during the 4th quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company’s stock worth $241,179,000 after buying an additional 2,406,000 shares during the period. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on MDT shares. Piper Sandler lowered their price target on shares of Medtronic from $105.00 to $91.00 and set a “neutral” rating for the company in a research report on Wednesday, April 1st. CICC Research started coverage on shares of Medtronic in a research report on Friday, January 30th. They set an “outperform” rating for the company. Citigroup lowered their price target on shares of Medtronic from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, April 7th. Barclays lifted their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 1st. Finally, The Goldman Sachs Group set a $84.00 price objective on shares of Medtronic and gave the stock a “neutral” rating in a research note on Thursday. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $106.45.

Medtronic Stock Up 0.1%

Medtronic stock opened at $78.66 on Tuesday. The company’s 50 day simple moving average is $83.32 and its 200 day simple moving average is $93.09. Medtronic PLC has a fifty-two week low of $74.40 and a fifty-two week high of $106.33. The firm has a market capitalization of $100.99 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 1.87 and a beta of 0.62. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, March 27th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, March 27th. This represents a $2.84 annualized dividend and a yield of 3.6%. Medtronic’s dividend payout ratio (DPR) is presently 79.11%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).