Allspring Global Investments Holdings LLC Has $104.39 Million Stake in Medtronic PLC $MDT

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Medtronic PLC by 2.4%, owning approximately $104.39 million worth of shares after acquiring an additional 27,055 shares in the second quarter.
• Institutional investors hold around 82.06% of Medtronic stock, revealing significant interest from major investment firms.
• Medtronic recently announced a quarterly dividend of $0.71 per share, with an annualized yield of 3.0%, scheduled for payment on October 17th.

Allspring Global Investments Holdings LLC increased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,176,171 shares of the medical technology company's stock after buying an additional 27,055 shares during the period. Allspring Global Investments Holdings LLC owned 0.09% of Medtronic worth $104,385,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. 1248 Management LLC bought a new position in Medtronic during the first quarter worth $26,000. Columbia River Financial Group LLC bought a new position in Medtronic during the first quarter worth $28,000. Twin Tree Management LP bought a new position in Medtronic during the first quarter worth $29,000. Activest Wealth Management boosted its position in Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after purchasing an additional 322 shares during the period. Finally, Hughes Financial Services LLC bought a new position in Medtronic during the first quarter worth $32,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Daiwa Capital Markets lifted their price objective on shares of Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a report on Friday, October 3rd. Mizuho lifted their target price on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Finally, Robert W. Baird lifted their target price on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $102.41.

Medtronic Stock Up 0.2%

MDT stock opened at $95.63 on Tuesday. The company has a market cap of $122.66 billion, a PE ratio of 26.34, a price-to-earnings-growth ratio of 2.51 and a beta of 0.78. The business has a 50-day simple moving average of $93.68 and a 200 day simple moving average of $88.80. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $99.37. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter in the previous year, the business posted $1.23 earnings per share. The business'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. 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. Shareholders of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio is currently 78.24%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William R. Jellison purchased 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The shares were purchased at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the acquisition, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. The trade was a 100.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

Medtronic Profile

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.

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