Glenmede Trust Co. NA Has $32.59 Million Position in Medtronic PLC $MDT

Glenmede Trust Co. NA lessened its stake in Medtronic PLC (NYSE:MDT) by 24.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 376,068 shares of the medical technology company’s stock after selling 118,675 shares during the period. Glenmede Trust Co. NA’s holdings in Medtronic were worth $32,586,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Madison Asset Management LLC increased its position in shares of Medtronic by 15.0% during the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock worth $18,752,000 after buying an additional 25,527 shares during the period. Ticino Wealth acquired a new position in Medtronic in the fourth quarter valued at $2,049,000. First Eagle Investment Management LLC boosted its position in Medtronic by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock valued at $939,009,000 after acquiring an additional 40,196 shares during the last quarter. KBC Group NV boosted its position in Medtronic by 5.2% during the fourth quarter. KBC Group NV now owns 430,508 shares of the medical technology company’s stock valued at $41,354,000 after acquiring an additional 21,384 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in Medtronic by 12.7% during the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company’s stock worth $75,988,000 after acquiring an additional 89,111 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MDT shares. Deutsche Bank Aktiengesellschaft lowered their price objective on Medtronic from $100.00 to $78.00 and set a “hold” rating for the company in a research report on Thursday, June 4th. Rothschild & Co Redburn cut their target price on Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a research report on Friday, June 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $118.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Mizuho lowered their target price on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. Finally, Evercore set a $105.00 price target on Medtronic in a research note on Monday, July 6th. 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $98.83.

Medtronic Stock Performance

Shares of MDT opened at $85.64 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The stock has a 50 day moving average price of $80.94 and a two-hundred day moving average price of $87.07. The firm has a market capitalization of $109.62 billion, a P/E ratio of 22.96, a P/E/G ratio of 2.29 and a beta of 0.56. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33.

Medtronic (NYSE:MDT) last posted 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. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the company earned $1.62 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Friday, June 26th. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s payout ratio is currently 77.21%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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).