Massachusetts Financial Services Co. MA Has $1.55 Billion Position in Medtronic PLC $MDT

Massachusetts Financial Services Co. MA trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 7.3% during the second quarter, Holdings Channel.com reports. The fund owned 19,872,600 shares of the medical technology company’s stock after selling 1,564,999 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Medtronic were worth $1,554,633,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter worth approximately $1,653,485,000. WCM Investment Management LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $965,922,000. Capital Research Global Investors boosted its stake in shares of Medtronic by 12.6% in the fourth 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 grew its position in Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after buying an additional 2,658,981 shares in the last quarter. Finally, Vanguard Group Inc. increased 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 during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity

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

Medtronic Price Performance

Medtronic stock opened at $91.10 on Monday. 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 52 week low of $73.31 and a 52 week high of $106.33. The stock has a market capitalization of $116.62 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The stock has a fifty day moving average of $83.20 and a 200-day moving average of $86.26.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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 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 last year, the firm posted $1.62 earnings per share. Medtronic’s 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, sell-side analysts expect 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. Stockholders of record on Friday, June 26th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, June 26th. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is 77.21%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Needham & Company LLC reissued a “buy” rating and issued a $101.00 target price on shares of Medtronic in a report on Wednesday, June 17th. Piper Sandler restated a “neutral” rating on shares of Medtronic in a research report on Monday, August 10th. Finally, Rothschild & Co Redburn cut their price target on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a report on Friday, June 5th. Eighteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average target price of $98.83.

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).