Medtronic PLC $MDT Shares Sold by Meyer Handelman Co.

Meyer Handelman Co. reduced its stake in shares of Medtronic PLC (NYSE:MDT) by 56.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,924 shares of the medical technology company’s stock after selling 26,583 shares during the quarter. Meyer Handelman Co.’s holdings in Medtronic were worth $1,637,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Madison Asset Management LLC boosted its stake in Medtronic by 15.0% during the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock valued at $18,752,000 after purchasing an additional 25,527 shares during the period. Ticino Wealth bought a new position in Medtronic in the 4th quarter worth about $2,049,000. First Eagle Investment Management LLC increased its stake in shares of Medtronic by 0.4% in 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 purchasing an additional 40,196 shares during the period. Gradient Investments LLC increased its position in Medtronic by 3.9% in the 2nd quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company’s stock valued at $38,842,000 after acquiring an additional 18,509 shares during the period. Finally, Czech National Bank raised its stake in Medtronic by 4.7% during the 2nd quarter. Czech National Bank now owns 365,443 shares of the medical technology company’s stock valued at $28,589,000 after acquiring an additional 16,292 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is currently owned by company insiders.

Medtronic Stock Performance

Shares of NYSE MDT opened at $90.44 on Tuesday. The stock’s fifty day simple moving average is $83.40 and its 200 day simple moving average is $86.19. The stock has a market capitalization of $115.77 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 2.45 and a beta of 0.55. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same period in the prior year, the firm earned $1.62 earnings per share. The business’s quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, sell-side analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.2%. Medtronic’s payout ratio is presently 77.21%.

Analysts Set New Price Targets

MDT has been the subject of several recent analyst reports. BTIG Research reissued a “buy” rating and issued a $91.00 price target on shares of Medtronic in a research note on Monday, July 13th. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research report on Wednesday, June 3rd. Piper Sandler reaffirmed a “neutral” rating on shares of Medtronic in a research note on Monday, August 10th. Robert W. Baird decreased their price target on Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Finally, UBS Group upgraded Medtronic from a “neutral” rating to a “buy” rating and lifted their price target for the company from $85.00 to $100.00 in a research report on Tuesday, July 28th. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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).