17,557 Medtronic PLC $MDT Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Medtronic stake by 1.9% in the third quarter, selling 17,557 shares. It retained 884,577 shares, valued at about $76.5 million.
• Medtronic’s latest reported quarter topped expectations: EPS was $1.45 versus a $1.39 consensus, while revenue of $9.76 billion rose 13.7% year over year.
• Analysts’ consensus rating was Moderate Buy, with a $102.88 average price target. Medtronic’s quarterly dividend was $0.72 per share, equivalent to a 2.8% annualized yield.

Allspring Global Investments Holdings LLC decreased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 1.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 884,577 shares of the medical technology company's stock after selling 17,557 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Medtronic worth $76,463,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Gradient Investments LLC grew its holdings in Medtronic by 3.9% in the second quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company's stock worth $38,842,000 after purchasing an additional 18,509 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Medtronic by 14.8% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 149,708 shares of the medical technology company's stock valued at $12,918,000 after purchasing an additional 19,315 shares during the last quarter. Congress Asset Management Co. acquired a new stake in shares of Medtronic in the 3rd quarter worth $76,201,000. Worth Asset Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter worth $1,056,000. Finally, Czech National Bank boosted its position in shares of Medtronic by 4.7% in the 2nd quarter. Czech National Bank now owns 365,443 shares of the medical technology company's stock worth $28,589,000 after purchasing an additional 16,292 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $102.73 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.07 and a quick ratio of 1.54. The stock has a market capitalization of $131.41 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 2.46 and a beta of 0.56. The firm's 50 day simple moving average is $92.93 and its 200-day simple moving average is $88.46. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.06. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The firm had revenue of $9.76 billion during the quarter, compared to analysts' expectations of $9.55 billion. During the same period in the previous year, the business posted $1.26 EPS. The business's revenue was up 13.7% compared to the same quarter last year. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Analysts expect that Medtronic PLC will post 5.98 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, September 25th were issued a $0.72 dividend. The ex-dividend date of this dividend was Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 2.8%. Medtronic's payout ratio is presently 70.94%.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Kiil sold 1,483 shares of the company's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $93.65, for a total value of $138,882.95. Following the completion of the transaction, the executive vice president owned 42,186 shares in the company, valued at approximately $3,950,718.90. This represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Geoffrey Martha sold 50,000 shares of the stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $95.00, for a total transaction of $4,750,000.00. Following the sale, the chief executive officer directly owned 277,866 shares in the company, valued at approximately $26,397,270. The trade was a 15.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 61,903 shares of company stock worth $5,889,203. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on MDT. BTIG Research lowered their price target on Medtronic from $100.00 to $99.00 and set a "buy" rating for the company in a report on Monday, October 12th. Bank of America upped their price objective on shares of Medtronic from $95.00 to $110.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. Robert W. Baird increased their price objective on shares of Medtronic from $91.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, September 2nd. Piper Sandler reaffirmed a "neutral" rating on shares of Medtronic in a research report on Wednesday, October 14th. Finally, Weiss Ratings upgraded shares of Medtronic from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, October 19th. Eighteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $102.88.

Medtronic Company Profile

Medtronic plc is a medical technology company that develops and manufactures devices and therapies for a range of health conditions. Its products include pacemakers and defibrillators, heart valves, surgical technologies, neurostimulation devices, and insulin pumps and other diabetes-management products.

The company was founded in Minneapolis in 1949 by Earl Bakken and Palmer Hermundslie as a medical equipment repair business. It has since grown into a global company serving patients and health care providers in more than 150 countries.

Medtronic is headquartered in Dublin, Ireland, and maintains significant operations in Minnesota, where the company was founded.

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