Meyer Handelman Co. lowered its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 29.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,507 shares of the medical technology company’s stock after selling 20,287 shares during the quarter. Meyer Handelman Co.’s holdings in Medtronic were worth $4,116,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Medtronic by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after purchasing an additional 1,888,381 shares during the period. State Street Corp grew its holdings in Medtronic by 2.0% during the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after purchasing an additional 1,199,621 shares during the period. JPMorgan Chase & Co. grew its holdings in Medtronic by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after purchasing an additional 1,419,730 shares during the period. Capital Research Global Investors increased its position in Medtronic by 12.6% in the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after buying an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Medtronic by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock worth $2,665,832,000 after buying an additional 231,919 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on the company. Stifel Nicolaus set a $80.00 price objective on Medtronic in a research report on Wednesday, June 3rd. TD Cowen reissued a “buy” rating and issued a $119.00 target price on shares of Medtronic in a report on Thursday, June 4th. Rothschild & Co Redburn decreased their target price on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a research note on Friday, June 5th. Truist Financial lowered their price target on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Finally, Evercore set a $106.00 price target on shares of Medtronic and gave the stock an “outperform” rating in a research report on Thursday, April 9th. Seventeen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.00.
Insider Activity
In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.
Medtronic Stock Performance
NYSE MDT opened at $80.42 on Friday. The company has a quick ratio of 1.87, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. 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 $79.52 and a 200-day moving average price of $89.80. The firm has a market cap of $102.95 billion, a price-to-earnings ratio of 21.56, a price-to-earnings-growth ratio of 2.15 and a beta of 0.58.
Medtronic (NYSE:MDT – Get Free Report) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter last year, the company earned $1.62 EPS. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.
Medtronic Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a dividend of $0.72 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. Medtronic’s payout ratio is 76.14%.
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).
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