Wellington Management Group LLP Reduces Stake in Medtronic PLC $MDT

Wellington Management Group LLP lessened its stake in shares of Medtronic PLC (NYSE:MDT) by 68.0% in the first quarter, Holdings Channel reports. The institutional investor owned 3,967,293 shares of the medical technology company’s stock after selling 8,425,239 shares during the quarter. Wellington Management Group LLP’s holdings in Medtronic were worth $356,501,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Boston Partners increased its holdings in Medtronic by 122.8% during the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company’s stock worth $619,460,000 after acquiring an additional 3,809,450 shares during the period. Nuveen LLC purchased a new position in shares of Medtronic during the 1st quarter valued at $260,649,000. Burgundy Asset Management Ltd. bought a new position in shares of Medtronic in the fourth quarter worth $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Medtronic in the fourth quarter worth $139,869,000. Finally, Mackenzie Financial Corp raised its position in shares of Medtronic by 220.9% in the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company’s stock worth $216,753,000 after buying an additional 1,660,357 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT opened at $89.9160 on Wednesday. The stock’s 50-day moving average is $89.47 and its 200 day moving average is $87.98. The stock has a market cap of $115.26 billion, a price-to-earnings ratio of 24.84, a P/E/G ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.54% and a net margin of 13.90%.The business had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the firm earned $1.23 earnings per share. Medtronic’s revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Wolfe Research upgraded Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Evercore ISI boosted their price objective on Medtronic from $103.00 to $106.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, BTIG Research reiterated a “neutral” rating on shares of Medtronic in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $98.19.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.