USS Investment Management Ltd Has $218.67 Million Stake in Medtronic PLC $MDT

USS Investment Management Ltd boosted its holdings in shares of Medtronic PLC (NYSE:MDT) by 7.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,275,873 shares of the medical technology company’s stock after buying an additional 151,461 shares during the period. Medtronic comprises about 1.1% of USS Investment Management Ltd’s portfolio, making the stock its 18th biggest holding. USS Investment Management Ltd’s holdings in Medtronic were worth $218,666,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Lodestone Wealth Management LLC acquired a new position in Medtronic during the fourth quarter worth $27,000. Anfield Capital Management LLC increased its position in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after buying an additional 230 shares during the last quarter. Board of the Pension Protection Fund acquired a new position in Medtronic during the fourth quarter worth $29,000. GoalVest Advisory LLC acquired a new position in Medtronic during the fourth quarter worth $29,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Medtronic during the fourth quarter worth $29,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Down 0.1%

Shares of NYSE:MDT opened at $80.11 on Monday. The company has a market cap of $102.85 billion, a P/E ratio of 21.48, a P/E/G ratio of 2.30 and a beta of 0.58. The stock’s 50-day moving average is $80.85 and its 200-day moving average is $91.29. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. During the same quarter last year, the company earned $1.62 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be paid a $0.72 dividend. The ex-dividend date is Friday, June 26th. This is a boost from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. Medtronic’s dividend payout ratio is 76.14%.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the 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 completion of the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on MDT. Daiwa Securities Group lowered their target price on shares of Medtronic from $117.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Truist Financial lowered their price target on Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a research report on Thursday, June 4th. Mizuho lowered their price target on Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 3rd. Stifel Nicolaus set a $80.00 price target on Medtronic in a research report on Wednesday, June 3rd. Finally, BTIG Research raised Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price target on the stock in a research report on Wednesday, June 3rd. Seventeen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average target price of $99.00.

Medtronic 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).