Thurston Springer Miller Herd & Titak Inc. cut its position in shares of Medtronic PLC (NYSE:MDT – Free Report) by 68.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,937 shares of the medical technology company’s stock after selling 6,229 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Medtronic were worth $253,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the company. WCM Investment Management LLC acquired a new position in Medtronic during the first quarter valued at approximately $965,922,000. First Eagle Investment Management LLC grew its stake in Medtronic by 37.2% during the second quarter. First Eagle Investment Management LLC now owns 13,783,983 shares of the medical technology company’s stock worth $1,078,321,000 after buying an additional 3,739,288 shares during the period. Cullen Capital Management LLC acquired a new stake in shares of Medtronic in the second quarter worth $202,764,000. State Street Corp increased its position in shares of Medtronic by 2.7% in the second quarter. State Street Corp now owns 63,399,315 shares of the medical technology company’s stock worth $5,005,320,000 after acquiring an additional 1,658,301 shares in the last quarter. Finally, Amundi raised its stake in shares of Medtronic by 36.3% in the 1st quarter. Amundi now owns 6,070,236 shares of the medical technology company’s stock valued at $525,986,000 after acquiring an additional 1,616,739 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MDT has been the topic of several recent research reports. Wells Fargo & Company lifted their target price on shares of Medtronic from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $92.00 price target on shares of Medtronic in a research report on Thursday, September 3rd. Piper Sandler reiterated a “neutral” rating on shares of Medtronic in a report on Wednesday. Royal Bank Of Canada reissued an “outperform” rating and issued a $118.00 price objective on shares of Medtronic in a research report on Wednesday, September 2nd. Finally, Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Seventeen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $102.88.
Insider Buying and Selling at Medtronic
In other news, EVP Harry Kiil sold 1,483 shares of Medtronic stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $93.65, for a total transaction of $138,882.95. Following the sale, the executive vice president directly owned 42,186 shares of the company’s stock, valued at approximately $3,950,718.90. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is owned by corporate insiders.
Medtronic Stock Up 0.1%
Shares of MDT traded up $0.07 during mid-day trading on Wednesday, reaching $93.08. 5,123,456 shares of the stock traded hands, compared to its average volume of 10,886,617. The firm has a market cap of $119.06 billion, a price-to-earnings ratio of 22.93, a P/E/G ratio of 2.09 and a beta of 0.55. The stock has a fifty day simple moving average of $90.51 and a 200 day simple moving average of $84.84. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.50.
Medtronic (NYSE:MDT – Get Free Report) last announced its earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.06. The business had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 earnings per share. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Sell-side analysts expect that Medtronic PLC will post 5.98 EPS for the current fiscal year.
Medtronic Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be paid a dividend of $0.72 per share. The ex-dividend date is Friday, September 25th. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. Medtronic’s dividend payout ratio (DPR) is currently 70.94%.
Medtronic News Summary
Here are the key news stories impacting Medtronic this week:
- Positive Sentiment: Medtronic announced the final results of its exchange offer for MiniMed Group (Nasdaq: MMED), following the previously reported 18.3% proration rate. Finalizing the transaction may reduce uncertainty around the diabetes-device business and represents progress in Medtronic’s portfolio strategy. Medtronic Announces Final Results of MiniMed Group, Inc. Exchange Offer
- Positive Sentiment: Medtronic and Abbott are highlighted as long-standing “Dividend Kings.” Medtronic currently offers the higher income yield, which could support demand from income-oriented investors even though Abbott has increased its dividend at a faster pace. Medtronic Pays More Today. Abbott Raises Its Dividend Faster. Which Stock Wins?
- Neutral Sentiment: Industry research projects strong growth in mobile-health solutions and bioelectronic medicine through 2030-31. Medtronic is listed among key companies that could benefit, although the reports do not provide company-specific revenue or earnings estimates. mHealth Solutions Market Forecasts Growth
- Negative Sentiment: Medtronic’s short interest increased, indicating that more investors are positioning for potential downside. This can weigh on sentiment, although it may also create the possibility of short-covering if the company delivers favorable news. Medtronic Sees Significant Increase in Short Interest
About Medtronic
Medtronic plc is a global medical technology company that develops and manufactures devices, therapies and healthcare solutions for treating chronic and acute conditions. Its products are used in areas including cardiac and vascular care, neuroscience, medical and surgical procedures, and diabetes management.
The company’s portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, stents and other cardiovascular products; neuromodulation systems, deep-brain stimulation devices and spinal technologies; surgical instruments, robotic-assisted surgery systems and gastrointestinal diagnostic tools; and insulin pumps and related diabetes technologies.
Medtronic traces its origins to 1949, when Earl Bakken and Palmer Hermundslie founded the company in Minneapolis, Minnesota.
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