Ally Financial Inc. Acquires New Shares in Medtronic PLC $MDT

Ally Financial Inc. acquired a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 44,000 shares of the medical technology company's stock, valued at approximately $3,442,000.

A number of other institutional investors and hedge funds have also bought and sold shares of MDT. Norges Bank acquired a new stake in Medtronic during the 4th quarter worth approximately $1,653,485,000. WCM Investment Management LLC acquired a new position in Medtronic in the 1st quarter valued at approximately $965,922,000. Capital Research Global Investors increased its position in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock valued at $3,321,101,000 after acquiring an additional 3,880,174 shares during the period. Wellington Management Group LLP raised its stake in shares of Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock valued at $970,456,000 after acquiring an additional 2,658,981 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company's stock valued at $12,388,027,000 after acquiring an additional 1,888,381 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. TD Cowen cut their price target on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. The Goldman Sachs Group lowered their target price on Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. UBS Group raised Medtronic from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $85.00 to $100.00 in a report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. reduced their price target on Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $98.83.

Medtronic Price Performance

Shares of NYSE MDT opened at $93.44 on Monday. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The firm has a fifty day simple moving average of $84.39 and a 200 day simple moving average of $85.94. The company has a market capitalization of $119.60 billion, a PE ratio of 25.05, a P/E/G ratio of 2.50 and a beta of 0.55. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for 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%. Medtronic's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, September 25th. Medtronic's payout ratio is currently 77.21%.

Insider Activity

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business's 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 transaction, the executive vice president directly owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is owned by corporate insiders.

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).

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