Pictet Asset Management Holding SA Sells 440,337 Shares of Medtronic PLC $MDT

Pictet Asset Management Holding SA cut its position in Medtronic PLC (NYSE:MDT) by 38.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 707,322 shares of the medical technology company’s stock after selling 440,337 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Medtronic were worth $61,036,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Activest Wealth Management boosted its holdings in shares of Medtronic by 470.9% in the 3rd quarter. Activest Wealth Management now owns 314 shares of the medical technology company’s stock valued at $27,000 after buying an additional 259 shares in the last quarter. IAG Wealth Partners LLC bought a new position in shares of Medtronic during the 2nd quarter worth approximately $30,000. Team Financial Group LLC bought a new position in shares of Medtronic during the 3rd quarter worth approximately $31,000. Pin Oak Investment Advisors Inc. purchased a new stake in Medtronic during the second quarter valued at approximately $32,000. Finally, Community Bank N.A. purchased a new stake in Medtronic during the second quarter valued at approximately $33,000. 82.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Kiil sold 1,483 shares of Medtronic stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $93.65, for a total transaction of $138,882.95. Following the completion of the sale, the executive vice president owned 42,186 shares of the company’s stock, valued at approximately $3,950,718.90. The trade was a 3.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Geoffrey Martha sold 50,000 shares of the business’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $95.00, for a total value of $4,750,000.00. Following the sale, the chief executive officer owned 277,866 shares in the company, valued at approximately $26,397,270. The trade was a 15.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 61,903 shares of company stock valued at $5,889,203. 0.27% of the stock is owned by company insiders.

Medtronic Trading Up 0.9%

NYSE MDT opened at $102.73 on Tuesday. The company has a fifty day simple moving average of $92.93 and a two-hundred day simple moving average of $88.46. The stock has a market cap of $131.41 billion, a P/E ratio of 25.30, a P/E/G ratio of 2.46 and a beta of 0.56. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The company has a current ratio of 2.07, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.06. The firm had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.26 earnings per share. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. On average, analysts forecast that Medtronic PLC will post 5.98 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, September 25th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 2.8%. Medtronic’s payout ratio is currently 70.94%.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Royal Bank Of Canada restated an “outperform” rating and issued a $118.00 target price on shares of Medtronic in a research note on Wednesday, September 2nd. Piper Sandler reaffirmed a “neutral” rating on shares of Medtronic in a research report on Wednesday, October 14th. Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. Stifel Nicolaus increased their price objective on Medtronic from $80.00 to $95.00 and gave the company a “hold” rating in a report on Wednesday, September 2nd. Finally, Bank of America raised their price objective on Medtronic from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.88.

Medtronic Profile

Medtronic plc is a medical technology company that develops and manufactures devices and therapies for a range of health conditions. Its products include pacemakers and defibrillators, heart valves, surgical technologies, neurostimulation devices, and insulin pumps and other diabetes-management products.

The company was founded in Minneapolis in 1949 by Earl Bakken and Palmer Hermundslie as a medical equipment repair business. It has since grown into a global company serving patients and health care providers in more than 150 countries.

Medtronic is headquartered in Dublin, Ireland, and maintains significant operations in Minnesota, where the company was founded.