USS Investment Management Ltd Sells 25,001 Shares of Medtronic plc (NYSE:MDT)

USS Investment Management Ltd decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 1.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,249,374 shares of the medical technology company’s stock after selling 25,001 shares during the period. Medtronic comprises 1.3% of USS Investment Management Ltd’s portfolio, making the stock its 23rd largest holding. USS Investment Management Ltd’s holdings in Medtronic were worth $179,714,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Norges Bank bought a new position in shares of Medtronic during the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic during the fourth quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new position in shares of Medtronic during the fourth quarter valued at approximately $377,169,000. Van ECK Associates Corp increased its stake in shares of Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after purchasing an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE MDT opened at $86.94 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market cap of $111.50 billion, a P/E ratio of 26.43, a P/E/G ratio of 2.22 and a beta of 0.81. The firm’s fifty day moving average is $85.83 and its two-hundred day moving average is $86.57. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a $0.70 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.22%. Medtronic’s dividend payout ratio is currently 85.11%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Finally, UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.