Wellington Management Group LLP Boosts Stock Position in Medtronic plc (NYSE:MDT)

Wellington Management Group LLP boosted its holdings in Medtronic plc (NYSE:MDT) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,945,349 shares of the medical technology company’s stock after purchasing an additional 88,302 shares during the period. Wellington Management Group LLP owned about 2.25% of Medtronic worth $2,414,194,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MDT. Sageworth Trust Co purchased a new position in shares of Medtronic during the 1st quarter valued at $26,000. Laurel Wealth Advisors LLC lifted its position in shares of Medtronic by 250.0% during the 1st quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Tucker Asset Management LLC purchased a new position in shares of Medtronic during the 1st quarter valued at $32,000. Avalon Trust Co purchased a new position in shares of Medtronic during the 1st quarter valued at $32,000. Finally, Thompson Investment Management Inc. purchased a new position in shares of Medtronic during the 1st quarter valued at $37,000. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Insider Activity

In related news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total value of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at $3,917,256.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Medtronic news, EVP Hoedt Rob Ten sold 5,514 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $86.58, for a total value of $477,402.12. Following the transaction, the executive vice president now owns 43,802 shares in the company, valued at $3,792,377.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the completion of the transaction, the executive vice president now owns 46,723 shares in the company, valued at approximately $3,917,256.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,866 shares of company stock valued at $1,688,839. 0.30% of the stock is currently owned by company insiders.

Medtronic Price Performance

Shares of MDT stock traded up $0.31 during trading hours on Wednesday, hitting $82.39. 1,931,001 shares of the company’s stock were exchanged, compared to its average volume of 5,727,139. The company has a market capitalization of $109.61 billion, a PE ratio of 30.45, a PEG ratio of 2.86 and a beta of 0.71. The company has a current ratio of 2.42, a quick ratio of 1.79 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.76 and a 12-month high of $92.39. The business’s 50 day simple moving average is $85.67 and its 200-day simple moving average is $84.61.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.09. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.57 billion. During the same quarter last year, the company earned $1.13 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic plc will post 5.12 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be given a $0.69 dividend. The ex-dividend date is Thursday, September 21st. This represents a $2.76 annualized dividend and a yield of 3.35%. Medtronic’s payout ratio is currently 101.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MDT shares. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 in a research report on Friday, May 26th. Robert W. Baird assumed coverage on Medtronic in a report on Tuesday, July 18th. They set a “neutral” rating and a $90.00 price objective on the stock. 22nd Century Group reissued an “initiates” rating on shares of Medtronic in a report on Friday, June 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $89.00 price objective on shares of Medtronic in a report on Wednesday, August 23rd. Finally, UBS Group increased their price objective on Medtronic from $79.00 to $82.00 and gave the stock a “sell” rating in a report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $91.67.

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.