Arrowstreet Capital Limited Partnership Increases Holdings in Medtronic PLC $MDT

Arrowstreet Capital Limited Partnership grew its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,659,425 shares of the medical technology company's stock after acquiring an additional 423,178 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.36% of Medtronic worth $403,739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Madison Asset Management LLC boosted its position in Medtronic by 15.0% during the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock valued at $18,752,000 after acquiring an additional 25,527 shares in the last quarter. Ticino Wealth bought a new position in shares of Medtronic in the 4th quarter worth $2,049,000. First Eagle Investment Management LLC raised its position in shares of Medtronic by 0.4% in the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock worth $939,009,000 after acquiring an additional 40,196 shares in the last quarter. KBC Group NV lifted its stake in shares of Medtronic by 5.2% during the 4th quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock worth $41,354,000 after purchasing an additional 21,384 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in shares of Medtronic by 12.7% during the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock worth $75,988,000 after purchasing an additional 89,111 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

MDT has been the topic of several analyst reports. BTIG Research reiterated a "buy" rating and issued a $91.00 target price on shares of Medtronic in a research note on Monday, July 13th. UBS Group lowered their target price on shares of Medtronic from $90.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Citigroup decreased their price objective on Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. Weiss Ratings lowered Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Finally, TD Cowen decreased their price target on Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, July 10th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.21.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Company insiders own 0.26% of the company's stock.

Medtronic Stock Up 0.4%

MDT stock opened at $82.19 on Friday. The company has a market capitalization of $105.20 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 2.20 and a beta of 0.56. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The firm's fifty day simple moving average is $80.01 and its 200-day simple moving average is $87.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm's revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities research 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 was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were given a $0.72 dividend. The ex-dividend date was Friday, June 26th. This represents a $2.88 annualized dividend and a yield of 3.5%. This is a boost from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is currently 77.21%.

Medtronic Profile

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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