Choreo LLC Cuts Stake in Medtronic PLC $MDT

Key Points

• Choreo LLC reduced its Medtronic stake by 28.5% in the second quarter, selling 16,923 shares and retaining 42,398 shares valued at approximately $3.32 million.
• Medtronic reported quarterly revenue of $9.81 billion and adjusted EPS of $1.55, slightly exceeding analyst estimates; revenue increased 9.9% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.83.
• The company increased its quarterly dividend to $0.72 per share, or $2.88 annually, producing a yield of about 3.2%.

Choreo LLC cut its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 28.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,398 shares of the medical technology company's stock after selling 16,923 shares during the quarter. Choreo LLC's holdings in Medtronic were worth $3,324,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Vanguard Group Inc. boosted its holdings in Medtronic by 1.5% in the fourth 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 during the period. State Street Corp grew its stake in Medtronic by 2.0% during the 4th quarter. State Street Corp now owns 61,660,158 shares of the medical technology company's stock worth $5,966,780,000 after purchasing an additional 1,199,621 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in 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 purchasing an additional 1,419,730 shares during the period. Capital Research Global Investors increased its holdings in 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 purchasing an additional 3,880,174 shares during the period. Finally, Geode Capital Management LLC raised its position in Medtronic by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company's stock valued at $2,665,832,000 after purchasing an additional 231,919 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MDT shares. Leerink Partners decreased their price objective on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Royal Bank Of Canada restated an "outperform" rating and set a $118.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reduced their target price 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. Mizuho decreased their price target on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Finally, Robert W. Baird lowered their price target on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and an average price target of $98.83.

Medtronic Stock Performance

Shares of MDT opened at $90.44 on Tuesday. The company has a market capitalization of $115.77 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average price of $83.40 and a 200 day moving average price of $86.19.

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

Medtronic Increases Dividend

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

Insiders Place Their Bets

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.26% of the company's stock.

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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