Wellington Management Group LLP Sells 2,841,431 Shares of Medtronic plc (NYSE:MDT)

Wellington Management Group LLP trimmed its position in Medtronic plc (NYSE:MDT) by 13.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,397,144 shares of the medical technology company’s stock after selling 2,841,431 shares during the quarter. Wellington Management Group LLP owned 1.43% of Medtronic worth $1,656,295,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic in the third quarter valued at approximately $30,000. Finally, Gleason Group Inc. acquired a new stake in Medtronic in the second quarter valued at approximately $42,000. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Down 1.4 %

NYSE:MDT opened at $84.14 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a 50-day moving average of $88.35 and a 200-day moving average of $85.00. The company has a market cap of $107.89 billion, a PE ratio of 25.73, a PEG ratio of 2.43 and a beta of 0.82. Medtronic plc has a one year low of $75.96 and a one year high of $92.68.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 earnings per share. As a group, equities research analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.33%. Medtronic’s payout ratio is presently 85.63%.

Analyst Ratings Changes

A number of equities analysts have recently commented on MDT shares. Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Citigroup lifted their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $95.27.

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.