BOCHK Asset Management Ltd Makes New $3.45 Million Investment in Medtronic PLC $MDT

Key Points

• BOCHK Asset Management acquired 40,000 Medtronic shares worth approximately $3.45 million in the third quarter. Institutional investors and hedge funds collectively own 82.06% of the company.
• Medtronic reported quarterly EPS of $1.45, exceeding estimates of $1.39, while revenue rose 13.7% year over year to $9.76 billion. The company also maintains a quarterly dividend of $0.72, equivalent to a 2.9% annual yield.
• Analysts hold a consensus “Moderate Buy” rating with an average price target of $102.88, compared with the stock’s reported opening price of $99.34. Recent insider activity was negative, with executives selling 61,903 shares worth about $5.89 million over 90 days.

BOCHK Asset Management Ltd acquired a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 40,000 shares of the medical technology company's stock, valued at approximately $3,452,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signature Equity Partners LLC raised its position in shares of Medtronic by 63.1% during the 3rd quarter. Signature Equity Partners LLC now owns 561 shares of the medical technology company's stock worth $48,000 after acquiring an additional 217 shares in the last quarter. Summit Wealth Group LLC Co. lifted its stake in Medtronic by 26.8% during the third quarter. Summit Wealth Group LLC Co. now owns 3,482 shares of the medical technology company's stock worth $300,000 after purchasing an additional 737 shares during the last quarter. Landaas & Co. WI ADV acquired a new position in Medtronic in the third quarter valued at approximately $209,000. MBA Advisors LLC boosted its holdings in Medtronic by 10.8% in the third quarter. MBA Advisors LLC now owns 4,383 shares of the medical technology company's stock valued at $378,000 after purchasing an additional 427 shares in the last quarter. Finally, Wright Wealth LLC acquired a new position in Medtronic in the third quarter valued at approximately $205,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Buying and Selling at Medtronic

In related news, CEO Geoffrey Martha sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $95.00, for a total value of $4,750,000.00. Following the completion of the transaction, the chief executive officer directly owned 277,866 shares of the company's stock, valued at $26,397,270. This trade represents a 15.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Harry Kiil sold 1,483 shares of Medtronic stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $93.65, for a total value of $138,882.95. Following the transaction, the executive vice president directly owned 42,186 shares of the company's stock, valued at approximately $3,950,718.90. This represents a 3.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 61,903 shares of company stock worth $5,889,203. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Robert W. Baird raised their price objective on shares of Medtronic from $91.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, September 2nd. Bank of America boosted their price objective on shares of Medtronic from $95.00 to $110.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. BTIG Research lowered their target price on shares of Medtronic from $100.00 to $99.00 and set a "buy" rating for the company in a report on Monday, October 12th. UBS Group reaffirmed a "cautious" rating on shares of Medtronic in a research report on Wednesday, October 14th. Finally, Mizuho set a $115.00 price target on shares of Medtronic in a research note on Wednesday, September 2nd. Eighteen research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $102.88.

Medtronic Stock Up 2.9%

Shares of NYSE:MDT opened at $99.34 on Tuesday. 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 0.50, a current ratio of 2.07 and a quick ratio of 1.54. The stock has a market cap of $127.08 billion, a P/E ratio of 16.57, a P/E/G ratio of 2.22 and a beta of 0.55. The firm has a fifty day moving average price of $91.82 and a 200 day moving average price of $88.36.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.06. The company had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. Medtronic's quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.26 earnings per share. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Sell-side analysts predict that Medtronic PLC will post 5.98 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, September 25th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, September 25th. Medtronic's dividend payout ratio (DPR) is 70.94%.

Medtronic Profile

Medtronic plc NYSE: MDT is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.

The company's offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.

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.