Bessemer Group Inc. Has $411.88 Million Stake in Medtronic PLC $MDT

Bessemer Group Inc. raised its stake in Medtronic PLC (NYSE:MDT) by 16.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,753,330 shares of the medical technology company’s stock after acquiring an additional 677,343 shares during the quarter. Medtronic makes up approximately 0.6% of Bessemer Group Inc.’s investment portfolio, making the stock its 26th largest position. Bessemer Group Inc. owned 0.37% of Medtronic worth $411,878,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Madison Asset Management LLC increased its position in Medtronic by 15.0% in 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 acquiring an additional 25,527 shares during the period. Ticino Wealth acquired a new position in shares of Medtronic during the fourth quarter worth $2,049,000. First Eagle Investment Management LLC lifted its holdings in shares of Medtronic by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock worth $939,009,000 after purchasing an additional 40,196 shares during the period. KBC Group NV grew its stake in shares of Medtronic by 5.2% in the fourth quarter. KBC Group NV now owns 430,508 shares of the medical technology company’s stock worth $41,354,000 after purchasing an additional 21,384 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Medtronic by 12.7% in the fourth quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company’s stock worth $75,988,000 after purchasing an additional 89,111 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Jefferies Financial Group reaffirmed a “hold” rating and set a $88.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Evercore set a $105.00 price target on Medtronic in a research report on Monday, July 6th. Mizuho decreased their price target on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, June 3rd. Piper Sandler restated a “neutral” rating and set a $85.00 price objective on shares of Medtronic in a research report on Tuesday, June 16th. Finally, The Goldman Sachs Group cut their price objective on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $98.21.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.26% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $83.52 on Friday. The business has a 50-day moving average price of $79.36 and a two-hundred day moving average price of $88.03. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The company has a market cap of $106.90 billion, a P/E ratio of 22.39, a PEG ratio of 2.16 and a beta of 0.56.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the business earned $1.62 EPS. The firm’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. As a group, analysts anticipate that Medtronic PLC will post 5.94 EPS 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 issued a $0.72 dividend. The ex-dividend date is Friday, June 26th. 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 3.4%. Medtronic’s dividend payout ratio is presently 77.21%.

Medtronic Company 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).