IFM Investors Pty Ltd Invests $27.29 Million in Medtronic PLC $MDT

IFM Investors Pty Ltd purchased a new position in shares of Medtronic PLC (NYSE:MDT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 284,082 shares of the medical technology company’s stock, valued at approximately $27,289,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Curbstone Financial Management Corp lifted its position in shares of Medtronic by 1.8% during the 4th quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company’s stock worth $537,000 after buying an additional 100 shares during the period. New England Capital Financial Advisors LLC raised its position in Medtronic by 7.8% in the 4th quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company’s stock valued at $135,000 after purchasing an additional 101 shares during the last quarter. Ipsen Advisor Group LLC raised its position in Medtronic by 1.7% in the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company’s stock valued at $572,000 after purchasing an additional 101 shares during the last quarter. Baker Tilly Wealth Management LLC raised its position in Medtronic by 3.3% in the 4th quarter. Baker Tilly Wealth Management LLC now owns 3,221 shares of the medical technology company’s stock valued at $309,000 after purchasing an additional 102 shares during the last quarter. Finally, Maseco LLP raised its position in Medtronic by 32.1% in the 4th quarter. Maseco LLP now owns 444 shares of the medical technology company’s stock valued at $43,000 after purchasing an additional 108 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on MDT shares. Jefferies Financial Group reiterated a “hold” rating and issued a $88.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $118.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Sanford C. Bernstein cut their price objective on Medtronic from $112.00 to $97.00 and set an “outperform” rating for the company in a research report on Thursday, June 4th. BTIG Research upgraded Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. cut their price objective on Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Medtronic has an average rating of “Moderate Buy” and an average target price of $99.00.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 completion of the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.26% of the company’s stock.

Medtronic Stock Up 0.0%

NYSE MDT opened at $80.28 on Friday. The stock has a fifty day moving average of $80.97 and a 200-day moving average of $91.46. The stock has a market capitalization of $103.07 billion, a P/E ratio of 21.52, a price-to-earnings-growth ratio of 1.95 and a beta of 0.58. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the firm earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a $0.72 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. Medtronic’s payout ratio is 76.14%.

About Medtronic

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).