Korea Investment CORP trimmed its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 12.0% in the fourth quarter, Holdings Channel reports. The firm owned 890,789 shares of the medical technology company’s stock after selling 121,484 shares during the period. Korea Investment CORP’s holdings in Medtronic were worth $85,569,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in MDT. Norges Bank purchased a new stake in Medtronic during the 4th quarter worth $1,653,485,000. Capital Research Global Investors boosted its position in Medtronic by 12.6% during the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after purchasing an additional 3,880,174 shares during the period. Barclays PLC boosted its position in Medtronic by 104.6% during the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock worth $650,604,000 after purchasing an additional 3,492,192 shares during the period. Schroder Investment Management Group boosted its position in Medtronic by 78.3% during the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock worth $717,143,000 after purchasing an additional 3,307,211 shares during the period. Finally, Wellington Management Group LLP boosted its position in Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after purchasing an additional 2,658,981 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on MDT. Rothschild & Co Redburn decreased their price target on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a research report on Friday, June 5th. Argus decreased their price objective on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 6th. The Goldman Sachs Group decreased their price objective on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Barclays upped their price objective on shares of Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, April 1st. Finally, Robert W. Baird decreased their price objective on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Seventeen 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, Medtronic currently has a consensus rating of “Moderate Buy” and an average price target of $99.00.
Insider Activity
In other news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% of the company’s stock.
Medtronic Stock Performance
NYSE:MDT opened at $80.11 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. The firm has a 50-day moving average of $80.85 and a two-hundred day moving average of $91.38. The stock has a market cap of $102.85 billion, a P/E ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33.
Medtronic (NYSE:MDT – Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a $0.72 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic’s dividend payout ratio (DPR) is currently 76.14%.
Medtronic Company Profile
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).
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