Hilltop Holdings Inc. Decreases Stake in Medtronic PLC $MDT

Hilltop Holdings Inc. cut its stake in shares of Medtronic PLC (NYSE:MDT) by 39.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,840 shares of the medical technology company’s stock after selling 8,252 shares during the quarter. Hilltop Holdings Inc.’s holdings in Medtronic were worth $1,113,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after buying an additional 1,888,381 shares in the last quarter. State Street Corp increased its holdings in Medtronic by 2.0% in the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after buying an additional 1,199,621 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Medtronic by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after acquiring an additional 1,419,730 shares during the period. Capital Research Global Investors lifted its position in shares of Medtronic by 12.6% during 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 acquiring an additional 3,880,174 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Medtronic by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock worth $2,665,832,000 after acquiring an additional 231,919 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction on Monday, June 8th. The stock was 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 in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Rothschild & Co Redburn lowered their price target on Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a report on Friday, June 5th. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Piper Sandler reiterated a “neutral” rating and set a $85.00 target price on shares of Medtronic in a research report on Tuesday, June 16th. Sanford C. Bernstein lowered their target price on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Finally, Mizuho dropped their price target on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, June 3rd. Seventeen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $98.21.

Medtronic Trading Up 1.4%

Shares of MDT opened at $83.12 on Friday. 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 has a 50 day simple moving average of $80.15 and a 200-day simple moving average of $87.52. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The stock has a market cap of $106.40 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion for 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 was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities analysts forecast that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.5%. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. Medtronic’s payout ratio is presently 77.21%.

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).