Medtronic PLC $MDT Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 18.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 15,501,869 shares of the medical technology company’s stock after selling 3,609,206 shares during the period. Bank of New York Mellon Corp’s holdings in Medtronic were worth $1,343,237,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC increased its stake in shares of Medtronic by 1,368.0% during the fourth 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 in the last quarter. Sivia Capital Partners LLC lifted its stake in Medtronic by 9.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock valued at $380,000 after buying an additional 381 shares in the last quarter. Jump Financial LLC acquired a new stake in Medtronic in the 2nd quarter worth about $299,000. Main Street Financial Solutions LLC boosted its holdings in Medtronic by 28.9% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock worth $1,251,000 after buying an additional 3,218 shares during the last quarter. Finally, HUB Investment Partners LLC raised its holdings in shares of 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 acquiring an additional 3,376 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Medtronic Price Performance

Shares of MDT stock opened at $80.52 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The firm’s 50-day moving average is $79.25 and its two-hundred day moving average is $88.12. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a market capitalization of $103.07 billion, a PE ratio of 21.59, a price-to-earnings-growth ratio of 2.13 and a beta of 0.56.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. During the same quarter in the prior year, the company posted $1.62 EPS. The business’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. Analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be given a $0.72 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is presently 77.21%.

Analysts Set New Price Targets

MDT has been the topic of a number of research analyst reports. Barclays lifted 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 report on Wednesday, June 17th. UBS Group lowered their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Argus dropped their target price on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 6th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $118.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus target price 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).