Smithbridge Asset Management Inc. DE Sells 61,891 Shares of Medtronic PLC $MDT

Smithbridge Asset Management Inc. DE cut its holdings in shares of Medtronic PLC (NYSE:MDT) by 50.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 61,975 shares of the medical technology company’s stock after selling 61,891 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Medtronic were worth $5,370,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Medtronic in the fourth quarter valued at approximately $1,653,485,000. Capital Research Global Investors boosted its holdings in 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 worth $3,321,101,000 after buying an additional 3,880,174 shares during the period. Barclays PLC boosted its holdings in Medtronic by 104.6% in the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock worth $650,604,000 after buying an additional 3,492,192 shares during the period. Schroder Investment Management Group grew its stake in Medtronic by 78.3% in the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock valued at $717,143,000 after buying an additional 3,307,211 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Medtronic by 35.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock valued at $970,456,000 after buying an additional 2,658,981 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE:MDT opened at $79.32 on Thursday. The firm has a market capitalization of $101.53 billion, a price-to-earnings ratio of 21.26, a P/E/G ratio of 2.10 and a beta of 0.56. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The stock has a fifty day moving average of $79.02 and a 200 day moving average of $89.23. 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 (NYSE:MDT) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the prior year, the company earned $1.62 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts expect 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. Investors of record on Friday, June 26th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is currently 77.21%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. TD Cowen restated a “buy” rating and set a $119.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Piper Sandler reiterated a “neutral” rating and issued a $85.00 price target on shares of Medtronic in a research report on Tuesday, June 16th. Sanford C. Bernstein decreased their price objective on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research note on Thursday, June 4th. Leerink Partners dropped their price objective on Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Medtronic from $100.00 to $78.00 and set a “hold” rating for the company in a research note on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.00.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.26% of the company’s stock.

Medtronic Company 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).