Cullen Capital Management LLC Makes New $202.76 Million Investment in Medtronic PLC $MDT

Key Points

• Cullen Capital Management purchased 2.59 million Medtronic shares worth approximately $202.8 million, making MDT about 2% of its portfolio and its 19th-largest holding. Institutional investors collectively own 82.06% of the company.
• Medtronic exceeded quarterly expectations with adjusted EPS of $1.55 and revenue of $9.81 billion, up 9.9% year over year. The company issued fiscal 2027 EPS guidance of $5.90–$6.00.
• Medtronic declared a quarterly dividend of $0.72, equivalent to $2.88 annually and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.83.

Cullen Capital Management LLC purchased a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,591,898 shares of the medical technology company's stock, valued at approximately $202,764,000. Medtronic accounts for approximately 2.0% of Cullen Capital Management LLC's investment portfolio, making the stock its 19th largest holding. Cullen Capital Management LLC owned approximately 0.20% of Medtronic at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Dearborn Partners LLC acquired a new position in Medtronic during the 2nd quarter valued at about $4,392,000. Ally Financial Inc. acquired a new stake in shares of Medtronic in the 2nd quarter worth approximately $3,442,000. Capital Square LLC bought a new position in shares of Medtronic in the second quarter valued at approximately $216,000. Fortress Financial Group LLC bought a new position in shares of Medtronic in the second quarter valued at approximately $35,000. Finally, Pinnacle West Asset Management Inc. acquired a new position in shares of Medtronic during the second quarter valued at approximately $622,000. 82.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Medtronic Price Performance

NYSE MDT opened at $92.92 on Tuesday. The stock has a market capitalization of $118.94 billion, a P/E ratio of 24.91, a P/E/G ratio of 2.50 and a beta of 0.55. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The business's fifty day moving average is $84.64 and its two-hundred day moving average is $85.87. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be given a $0.72 dividend. The ex-dividend date is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) is 77.21%.

Analysts Set New Price Targets

Several brokerages recently commented on MDT. Mizuho dropped their target price on Medtronic from $120.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, June 3rd. JPMorgan Chase & Co. dropped their price objective on Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Stifel Nicolaus set a $80.00 price objective on Medtronic in a report on Wednesday, June 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Medtronic in a research note on Tuesday, August 18th. Finally, Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Eighteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

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).

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