Principal Financial Group Inc. Has $206.22 Million Stock Position in Medtronic PLC $MDT

Principal Financial Group Inc. boosted its holdings in Medtronic PLC (NYSE:MDT) by 38.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,379,934 shares of the medical technology company’s stock after buying an additional 659,727 shares during the period. Principal Financial Group Inc.’s holdings in Medtronic were worth $206,221,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Lodestone Wealth Management LLC bought a new stake in shares of Medtronic in the fourth quarter valued at approximately $27,000. Anfield Capital Management LLC increased its position in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 230 shares during the period. Monetary Solutions Ltd bought a new position in Medtronic during the fourth quarter worth $27,000. Board of the Pension Protection Fund acquired a new position in Medtronic during the 4th quarter valued at $29,000. Finally, GoalVest Advisory LLC acquired a new position in Medtronic during the 4th quarter valued at $29,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of Medtronic stock opened at $79.30 on Wednesday. The firm has a market cap of $101.51 billion, a P/E ratio of 21.26, a price-to-earnings-growth ratio of 2.24 and a beta of 0.56. The firm’s 50-day simple moving average is $79.19 and its 200-day simple moving average is $88.24. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. 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 (NYSE:MDT) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, research analysts expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is currently 77.21%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on MDT. Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Royal Bank Of Canada reissued an “outperform” rating and set a $118.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Jefferies Financial Group restated a “hold” rating and set a $88.00 price target on shares of Medtronic in a research note on Thursday, June 4th. Mizuho reduced their price objective on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, June 3rd. Finally, Rothschild & Co Redburn decreased their price objective on Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a report on Friday, June 5th. Seventeen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $98.21.

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).