Hartford Investment Management Co. Has $6.32 Million Holdings in Medtronic plc (NYSE:MDT)

Hartford Investment Management Co. lessened its holdings in Medtronic plc (NYSE:MDT) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 79,096 shares of the medical technology company’s stock after selling 1,530 shares during the period. Hartford Investment Management Co.’s holdings in Medtronic were worth $6,318,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after acquiring an additional 5,975,110 shares during the last quarter. Bank of Montreal Can lifted its position in Medtronic by 65.0% during the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after acquiring an additional 1,790,483 shares during the last quarter. Janus Henderson Group PLC lifted its position in Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock worth $346,705,000 after acquiring an additional 1,420,263 shares during the last quarter. International Assets Investment Management LLC lifted its position in Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after acquiring an additional 1,284,002 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in Medtronic by 5,124.5% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,035,708 shares of the medical technology company’s stock worth $93,245,000 after acquiring an additional 1,015,884 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Barclays boosted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

NYSE MDT opened at $91.18 on Wednesday. The stock has a market cap of $116.92 billion, a P/E ratio of 27.88, a PEG ratio of 2.57 and a beta of 0.84. The company’s 50-day simple moving average is $84.93 and its 200 day simple moving average is $86.56. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.07%. Medtronic’s dividend payout ratio is 85.63%.

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.