Assetmark Inc. Purchases 170,741 Shares of Medtronic PLC $MDT

Key Points

• Assetmark increased its Medtronic position by 26.5% in the second quarter, buying 170,741 shares to hold 815,888 shares valued at approximately $63.8 million. Institutional investors collectively own 82.06% of the company.
• Medtronic reported quarterly EPS of $1.55, slightly above estimates, while revenue reached $9.81 billion, up 9.9% year over year. The company also raised its quarterly dividend to $0.72, implying a 3.2% annual yield.
• Analyst sentiment remains positive but cautious: Medtronic has a “Moderate Buy” consensus rating and an average price target of $98.83, despite several firms recently lowering their targets.

Assetmark Inc. grew its position in Medtronic PLC (NYSE:MDT - Free Report) by 26.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 815,888 shares of the medical technology company's stock after buying an additional 170,741 shares during the quarter. Assetmark Inc. owned 0.06% of Medtronic worth $63,827,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Medtronic by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company's stock valued at $12,388,027,000 after purchasing an additional 1,888,381 shares in the last quarter. State Street Corp increased its stake in shares of Medtronic by 2.0% in the 4th quarter. State Street Corp now owns 61,660,158 shares of the medical technology company's stock valued at $5,966,780,000 after purchasing an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Medtronic by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company's stock worth $5,150,420,000 after buying an additional 1,419,730 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Medtronic by 12.6% during the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock worth $3,321,101,000 after buying an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Medtronic by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company's stock worth $2,665,832,000 after buying an additional 231,919 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 4,189 shares of the company'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 sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.26% of the stock is owned by insiders.

Medtronic Stock Up 0.6%

Shares of NYSE:MDT opened at $91.10 on Friday. The firm has a market cap of $116.62 billion, a P/E ratio of 24.42, a P/E/G ratio of 2.45 and a beta of 0.55. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The business has a fifty day simple moving average of $83.20 and a 200 day simple moving average of $86.36. 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 quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business's revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts predict 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. Investors of record on Friday, June 26th were paid a $0.72 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 26th. Medtronic's payout ratio is presently 77.21%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wells Fargo & Company reduced their price objective on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Needham & Company LLC reissued a "buy" rating and issued a $101.00 target price on shares of Medtronic in a report on Wednesday, June 17th. TD Cowen reduced their price target on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, July 10th. Robert W. Baird reduced their price target on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

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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