State Street Corp Buys 1,199,621 Shares of Medtronic PLC $MDT

State Street Corp grew its stake in shares of Medtronic PLC (NYSE:MDT) by 2.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,660,158 shares of the medical technology company’s stock after acquiring an additional 1,199,621 shares during the quarter. State Street Corp owned about 4.81% of Medtronic worth $5,966,780,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Lodestone Wealth Management LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at $27,000. Anfield Capital Management LLC boosted its position in shares of Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after buying an additional 230 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in shares of Medtronic during the fourth quarter valued at $29,000. GoalVest Advisory LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at $29,000. Finally, Imprint Wealth LLC purchased a new stake in shares of Medtronic during the third quarter valued at $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.3%

MDT stock opened at $80.11 on Friday. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The business’s 50-day moving average is $80.85 and its two-hundred day moving average is $91.38. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The company has a market cap of $102.85 billion, a price-to-earnings ratio of 21.48, a P/E/G ratio of 2.30 and a beta of 0.58.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The firm had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter last year, the company earned $1.62 earnings per share. The business’s revenue for the quarter 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 forecast that Medtronic PLC will post 5.94 earnings per share for the current 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. 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. The ex-dividend date of this dividend is Friday, June 26th. Medtronic’s dividend payout ratio is 76.14%.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm’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 of the company’s stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MDT has been the topic of several recent analyst reports. Evercore set a $106.00 price objective on Medtronic and gave the company an “outperform” rating in a research report on Thursday, April 9th. Jefferies Financial Group reaffirmed a “hold” rating and set a $88.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Weiss Ratings cut Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 21st. Barclays increased their target price on Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. Finally, Needham & Company LLC lowered their target price on Medtronic from $120.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, June 3rd. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.00.

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).