Madison Asset Management LLC Buys New Stake in Medtronic PLC $MDT

Madison Asset Management LLC bought a new stake in Medtronic PLC (NYSE:MDT) during the second quarter, HoldingsChannel reports. The institutional investor bought 237,625 shares of the medical technology company’s stock, valued at approximately $18,589,000.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Medtronic during the fourth quarter worth $1,653,485,000. WCM Investment Management LLC purchased a new stake in shares of Medtronic in the 1st quarter valued at $965,922,000. Capital Research Global Investors raised its holdings in shares of Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after buying an additional 3,880,174 shares during the period. Wellington Management Group LLP lifted its stake 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 acquiring an additional 2,658,981 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Medtronic by 1.5% during 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 acquiring an additional 1,888,381 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MDT shares. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Medtronic in a research report on Tuesday. Jefferies Financial Group reissued a “hold” rating and issued a $88.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a report on Wednesday, June 3rd. Finally, UBS Group raised shares of Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the stock from $85.00 to $100.00 in a research note on Tuesday, July 28th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.83.

Medtronic Stock Up 1.2%

MDT stock opened at $93.44 on Friday. The company’s 50 day moving average price is $84.39 and its 200 day moving average price is $86.06. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The firm has a market capitalization of $119.60 billion, a price-to-earnings ratio of 25.05, a PEG ratio of 2.47 and a beta of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter in the previous year, the firm earned $1.62 earnings per share. 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. On average, equities research analysts anticipate that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, September 25th. Medtronic’s payout ratio is 77.21%.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.26% of the company’s stock.

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).