BlackRock Inc. Acquires 838,220 Shares of Medtronic PLC $MDT

Key Points

• BlackRock increased its Medtronic stake by 838,220 shares in the second quarter, bringing its holdings to 114.02 million shares worth approximately $8.92 billion, or 8.91% of the company. Institutional investors collectively own 82.06% of Medtronic.
• Medtronic reported quarterly revenue of $9.81 billion and adjusted earnings of $1.55 per share, narrowly exceeding analyst expectations; revenue increased 9.9% year over year. The company issued fiscal 2027 EPS guidance of $5.90-$6.00.
• The company declared a quarterly dividend of $0.72 per share, equating to an annualized $2.88 payout and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.83.

BlackRock Inc. lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 114,020,787 shares of the medical technology company's stock after buying an additional 838,220 shares during the period. BlackRock Inc. owned about 8.91% of Medtronic worth $8,919,846,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MDT. Perigon Wealth Management LLC raised its holdings in Medtronic by 5.0% in the 2nd quarter. Perigon Wealth Management LLC now owns 16,891 shares of the medical technology company's stock valued at $1,321,000 after acquiring an additional 803 shares during the period. Commerzbank Aktiengesellschaft FI grew its stake in shares of Medtronic by 0.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 47,183 shares of the medical technology company's stock worth $3,691,000 after buying an additional 254 shares during the last quarter. Phillips Wealth Planners LLC increased its stake in shares of Medtronic by 2.0% in the second quarter. Phillips Wealth Planners LLC now owns 12,236 shares of the medical technology company's stock valued at $1,026,000 after buying an additional 241 shares during the period. Trust Co. of Vermont acquired a new stake in Medtronic in the second quarter valued at $2,694,000. Finally, Focused Wealth Management Inc bought a new position in Medtronic during the 2nd quarter worth approximately $200,000. 82.06% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is owned by company insiders.

Medtronic Stock Performance

Shares of NYSE MDT opened at $92.45 on Friday. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The firm has a market capitalization of $118.33 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 2.52 and a beta of 0.55. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The firm has a 50 day moving average of $84.12 and a 200 day moving average of $86.01.

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 for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the previous year, the company earned $1.62 EPS. Medtronic's revenue for the quarter 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, research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, September 25th. Medtronic's payout ratio is 77.21%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MDT. Mizuho cut their price objective on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 3rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $118.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Stifel Nicolaus set a $80.00 target price on Medtronic in a research note on Wednesday, June 3rd. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Finally, Rothschild & Co Redburn cut their target price on Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a research note on Friday, June 5th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

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).

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