Cerity Partners LLC Acquires 89,111 Shares of Medtronic PLC $MDT

Key Points

• Cerity Partners LLC increased its Medtronic stake by 12.7% in the fourth quarter, adding 89,111 shares and bringing its total holding to 791,015 shares worth about $75.99 million.
• Institutional ownership in Medtronic remains very high at 82.06%, with other major investors like Norges Bank and Capital Research Global Investors also boosting or establishing large positions.
• Medtronic recently posted better-than-expected quarterly results, raised its dividend to $0.72 per share, and received several positive product/regulatory updates, including FDA and CE mark approvals.

Cerity Partners LLC lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 791,015 shares of the medical technology company's stock after purchasing an additional 89,111 shares during the quarter. Cerity Partners LLC owned 0.06% of Medtronic worth $75,988,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in Medtronic in the 4th quarter valued at $1,653,485,000. Capital Research Global Investors grew its stake 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 acquiring an additional 3,880,174 shares during the period. Barclays PLC grew its stake in shares of Medtronic by 104.6% during the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company's stock worth $650,604,000 after acquiring an additional 3,492,192 shares during the period. Schroder Investment Management Group grew its stake in shares of Medtronic by 78.3% during the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company's stock worth $717,143,000 after acquiring an additional 3,307,211 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock worth $970,456,000 after acquiring an additional 2,658,981 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Medtronic

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Healthcare is outperforming as investors rotate away from tech, which supports Medtronic as a defensive name in a stronger sector. As Tech Stocks Slide, The Healthcare Sector Shines. Why Some Experts Say They Like This Defensive Play
• Positive Sentiment: Medtronic won FDA clearance for its updated Nellcor pulse oximetry system, a technology update aimed at improving reliability across diverse patients and care settings. Medtronic gets FDA nod for updated pulse oximetry system
• Positive Sentiment: The company earned CE mark approval for its Stealth AXiS robot platform in ENT surgery, opening the door to broader use in Europe. Medtronic earns CE mark for Stealth AXiS robot platform in ENT surgery
• Positive Sentiment: Medtronic also received FDA clearance for an upgraded Nellcor pulse oximetry system with an intelligent processor, reinforcing momentum in its monitoring portfolio. Medtronic wins FDA clearance for Nellcor pulse oximetry system with intelligent processor
• Positive Sentiment: Analyst commentary has been increasingly constructive, with some writers arguing Medtronic may be one of the better buys in healthcare after its recent results showed solid growth. Why Medtronic Stock May Have Just Become the Best Buy in the Entire Healthcare Sector
• Neutral Sentiment: Medtronic’s EVP Harry Skip Kiil sold 4,189 shares, a routine insider transaction that may modestly weigh on sentiment but does not by itself signal a major change in outlook. Harry Skip Kiil insider transaction
• Neutral Sentiment: MarketWatch noted the stock underperformed some peers despite gains, suggesting investors are still comparing Medtronic’s move against stronger healthcare competitors. Medtronic PLC stock underperforms Tuesday when compared to competitors despite daily gains

Wall Street Analyst Weigh In

Several brokerages have commented on MDT. Mizuho cut their target price on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Truist Financial dropped their target price on Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. Robert W. Baird dropped their target price on Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Piper Sandler lowered their price objective on Medtronic from $91.00 to $85.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Finally, Leerink Partners lowered their price objective on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $99.00.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction dated Monday, June 8th. The stock was 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 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 filing with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by insiders.

Medtronic Trading Up 1.5%

Medtronic stock opened at $81.93 on Wednesday. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The business's fifty day simple moving average is $81.21 and its two-hundred day simple moving average is $91.74. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a market capitalization of $105.19 billion, a price-to-earnings ratio of 21.96, a price-to-earnings-growth ratio of 1.96 and a beta of 0.58.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (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 the consensus estimate of $9.62 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The company's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior 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 analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.5%. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic's dividend payout ratio (DPR) is currently 76.14%.

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).

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