Bank of New York Mellon Corp Sells 2,357,185 Shares of Medtronic PLC $MDT

Bank of New York Mellon Corp trimmed its stake in shares of Medtronic PLC (NYSE:MDT) by 11.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,111,075 shares of the medical technology company’s stock after selling 2,357,185 shares during the quarter. Bank of New York Mellon Corp’s holdings in Medtronic were worth $1,835,810,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of MDT. Artisan Partners Limited Partnership grew its stake in shares of Medtronic by 2.6% during the third quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company’s stock valued at $117,579,000 after purchasing an additional 31,314 shares during the last quarter. CSM Advisors LLC boosted its holdings in Medtronic by 13.2% during the third quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company’s stock worth $27,169,000 after buying an additional 33,167 shares during the last quarter. SageView Advisory Group LLC grew its holdings in Medtronic by 164.8% during the third quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company’s stock valued at $2,305,000 after purchasing an additional 15,062 shares during the period. Bleakley Financial Group LLC grew its holdings in shares of Medtronic by 17.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 87,313 shares of the medical technology company’s stock valued at $8,316,000 after buying an additional 13,177 shares during the period. Finally, Applied Finance Capital Management LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at $1,308,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 0.3%

NYSE:MDT opened at $73.72 on Wednesday. The company has a market cap of $94.65 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.76 and a beta of 0.58. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The business has a 50 day moving average price of $82.11 and a two-hundred day moving average price of $92.49. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, March 27th were issued a dividend of $0.71 per share. The ex-dividend date was Friday, March 27th. This represents a $2.84 annualized dividend and a yield of 3.9%. Medtronic’s dividend payout ratio is presently 79.11%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MDT. The Goldman Sachs Group set a $84.00 target price on Medtronic and gave the stock a “neutral” rating in a report on Thursday, May 21st. UBS Group lowered their price target on Medtronic from $104.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, April 22nd. Stifel Nicolaus cut their price objective on Medtronic from $105.00 to $95.00 and set a “hold” rating on the stock in a report on Monday, April 6th. Mizuho dropped their target price on shares of Medtronic from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Finally, Truist Financial cut their price target on shares of Medtronic from $103.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, April 15th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, Medtronic presently has an average rating of “Moderate Buy” and an average target price of $106.45.

About Medtronic

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).