Magellan Asset Management Ltd Sells 18,640 Shares of Medtronic PLC $MDT

Magellan Asset Management Ltd lessened its stake in shares of Medtronic PLC (NYSE:MDT) by 1.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,454,218 shares of the medical technology company’s stock after selling 18,640 shares during the quarter. Medtronic makes up about 1.6% of Magellan Asset Management Ltd’s portfolio, making the stock its 26th largest position. Magellan Asset Management Ltd’s holdings in Medtronic were worth $126,008,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in Medtronic by 9.6% in the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock valued at $380,000 after purchasing an additional 381 shares during the last quarter. Jump Financial LLC purchased a new position in Medtronic in the second quarter valued at approximately $299,000. Main Street Financial Solutions LLC grew its holdings in Medtronic by 28.9% during the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock valued at $1,251,000 after purchasing an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC grew its holdings in Medtronic by 21.3% during the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock valued at $1,676,000 after purchasing an additional 3,376 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 1.2%

NYSE:MDT opened at $82.31 on Wednesday. The company has a market cap of $105.36 billion, a P/E ratio of 22.07, a P/E/G ratio of 2.23 and a beta of 0.56. The stock’s fifty day moving average price is $79.79 and its two-hundred day moving average price is $87.75. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the company earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, analysts expect that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a $0.72 dividend. The ex-dividend date was Friday, June 26th. This represents a $2.88 annualized dividend and a yield of 3.5%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is 77.21%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the transaction, the executive vice president owned 37,227 shares of the company’s stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on MDT shares. Mizuho lowered their target price on Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 3rd. Barclays increased their price target on Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 1st. Needham & Company LLC restated a “buy” rating and issued a $101.00 price objective on shares of Medtronic in a research note on Wednesday, June 17th. Piper Sandler reaffirmed a “neutral” rating and set a $85.00 price objective on shares of Medtronic in a report on Tuesday, June 16th. Finally, TD Cowen cut their target price on shares of Medtronic from $119.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.21.

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).