Cooke & Bieler LP Cuts Stake in Medtronic PLC $MDT

Key Points

• Cooke & Bieler LP reduced its Medtronic stake by 1.6% in the second quarter, selling 12,822 shares and retaining 799,208 shares valued at approximately $62.5 million. Institutional investors collectively own 82.06% of the company.
• Analysts remain generally positive, with Medtronic carrying a consensus “Moderate Buy” rating and an average price target of $98.83, although several brokerages recently lowered their targets.
• Medtronic reported quarterly revenue of $9.81 billion, up 9.9% year over year, and EPS of $1.55, slightly exceeding estimates. The company also raised its quarterly dividend to $0.72, equivalent to a 3.2% annualized yield.

Cooke & Bieler LP lowered its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 799,208 shares of the medical technology company's stock after selling 12,822 shares during the period. Cooke & Bieler LP owned about 0.06% of Medtronic worth $62,522,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. New England Capital Financial Advisors LLC grew its stake in shares of Medtronic by 7.8% during the fourth quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company's stock valued at $135,000 after buying an additional 101 shares during the last quarter. Ipsen Advisor Group LLC lifted its stake in shares of Medtronic by 1.7% in the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company's stock valued at $572,000 after acquiring an additional 101 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Medtronic by 0.3% in the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock valued at $3,120,000 after acquiring an additional 101 shares during the last quarter. Rossby Financial LCC boosted its holdings in Medtronic by 5.1% during the 4th quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company's stock valued at $211,000 after acquiring an additional 107 shares during the period. Finally, Wealthspire Retirement LLC grew its position in Medtronic by 5.0% during the 4th quarter. Wealthspire Retirement LLC now owns 2,410 shares of the medical technology company's stock worth $232,000 after acquiring an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MDT. JPMorgan Chase & Co. decreased their price target on Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Sanford C. Bernstein dropped their price objective on Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Truist Financial cut their target price on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Wells Fargo & Company decreased their target price on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Finally, BTIG Research reiterated a "buy" rating and set a $91.00 price target on shares of Medtronic in a report on Monday, July 13th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

Medtronic Trading Up 0.6%

NYSE MDT opened at $91.10 on Friday. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The stock has a 50 day simple moving average of $83.20 and a two-hundred day simple moving average of $86.36. The stock has a market cap of $116.62 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55.

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 analysts' consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period last year, the company earned $1.62 EPS. The business's quarterly 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. On average, analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

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

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is currently owned by company insiders.

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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