Asset Management One Co. Ltd. Cuts Stock Holdings in Medtronic PLC $MDT

Key Points

• Asset Management One reduced its Medtronic stake by 3.9% in the second quarter, selling 22,946 shares and retaining 563,263 shares valued at approximately $44.1 million. Institutional investors collectively own 82.06% of Medtronic.
• Analysts maintain a consensus “Moderate Buy” rating, though several firms lowered price targets; the average target is $98.83 versus a recent share price of $90.69.
• Medtronic reported quarterly revenue of $9.81 billion and adjusted earnings of $1.55 per share, while revenue rose 9.9% year over year. The company also increased its quarterly dividend to $0.72 per share, implying a 3.2% annual yield.

Asset Management One Co. Ltd. lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 3.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 563,263 shares of the medical technology company's stock after selling 22,946 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Medtronic were worth $44,064,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Anfield Capital Management LLC increased its holdings in shares of Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after purchasing an additional 230 shares during the last quarter. Monetary Solutions Ltd bought a new position in shares of Medtronic during the 4th quarter valued at approximately $27,000. Acumen Wealth Advisors LLC purchased a new position in shares of Medtronic in the fourth quarter valued at $29,000. Imprint Wealth LLC purchased a new position in shares of Medtronic in the third quarter valued at $31,000. Finally, Basepoint Wealth LLC bought a new stake in Medtronic in the fourth quarter worth $32,000. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the topic of a number of recent research reports. Wells Fargo & Company decreased their price target on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Rothschild & Co Redburn reduced their price objective on Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research note on Friday, June 5th. Deutsche Bank Aktiengesellschaft dropped their target price on Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Mizuho lowered their price target on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, June 3rd. Finally, TD Cowen lowered their price target on Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 10th. Eighteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $98.83.

Medtronic Stock Down 0.1%

Shares of NYSE:MDT opened at $90.69 on Friday. The business has a 50 day simple moving average of $83.01 and a two-hundred day simple moving average of $86.33. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The firm has a market capitalization of $116.09 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 2.43 and a beta of 0.55.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter in the prior year, the company posted $1.62 EPS. Medtronic's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts predict that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is 77.21%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by company insiders.

Medtronic Company 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source