Miller Howard Investments Inc. NY Purchases 136,691 Shares of Medtronic PLC $MDT

Miller Howard Investments Inc. NY increased its holdings in Medtronic PLC (NYSE:MDT) by 19.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 851,494 shares of the medical technology company’s stock after acquiring an additional 136,691 shares during the quarter. Medtronic comprises 1.8% of Miller Howard Investments Inc. NY’s investment portfolio, making the stock its 15th biggest position. Miller Howard Investments Inc. NY’s holdings in Medtronic were worth $66,612,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Medtronic by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after acquiring an additional 1,888,381 shares in the last quarter. State Street Corp boosted its position in shares of Medtronic by 2.0% during the 4th quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after acquiring an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Medtronic by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock worth $5,150,420,000 after purchasing an additional 1,419,730 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Medtronic by 12.6% during 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 purchasing an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of 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 purchasing an additional 231,919 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other 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 transaction of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Medtronic Stock Down 0.2%

Shares of NYSE:MDT opened at $91.10 on Monday. The stock has a market capitalization of $116.62 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The stock’s 50-day moving average price is $83.20 and its 200-day moving average price is $86.26. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33.

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 analysts’ consensus estimates of $1.54 by $0.01. The company 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%.Medtronic’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a $0.72 dividend. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. Medtronic’s payout ratio is presently 77.21%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MDT shares. JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Wells Fargo & Company cut their price target on shares of Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, June 4th. TD Cowen decreased their price target on shares of Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a research report on Wednesday, June 3rd. Finally, Weiss Ratings downgraded shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $98.83.

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).