Fideuram Intesa Sanpaolo Private Banking S.P.A. Invests $8.37 Million in Medtronic PLC $MDT

Key Points

• Fideuram Intesa Sanpaolo Private Banking disclosed a new fourth-quarter stake in Medtronic, buying 87,140 shares worth about $8.37 million.
• Institutional ownership remains high, with several other hedge funds also increasing positions in Medtronic; overall, 82.06% of the stock is held by institutions and hedge funds.
• Medtronic’s latest quarter topped expectations, posting $1.36 EPS on $9.02 billion in revenue, while analysts maintain a Moderate Buy consensus with an average price target of $107.80.

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 87,140 shares of the medical technology company's stock, valued at approximately $8,371,000.

Other hedge funds also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership increased its position in Medtronic by 2.6% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company's stock valued at $117,579,000 after buying an additional 31,314 shares in the last quarter. SageView Advisory Group LLC increased its position in Medtronic by 164.8% during the 3rd quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company's stock valued at $2,305,000 after buying an additional 15,062 shares in the last quarter. CSM Advisors LLC increased its position in Medtronic by 13.2% during the 3rd quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company's stock valued at $27,169,000 after buying an additional 33,167 shares in the last quarter. UMB Bank n.a. grew its stake in Medtronic by 65.8% during the 3rd quarter. UMB Bank n.a. now owns 138,278 shares of the medical technology company's stock valued at $13,170,000 after purchasing an additional 54,898 shares during the last quarter. Finally, Applied Finance Capital Management LLC purchased a new stake in Medtronic during the 3rd quarter valued at about $1,308,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Medtronic

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic’s long-running dividend growth story is in focus again, with investors viewing the company as a stable income name as its 47-year streak of dividend increases is expected to continue. Medtronic dividend preview: 47-year growth streak set to continue
• Positive Sentiment: Medtronic is also benefiting from the broader “silver economy” investment theme, as aging populations continue to drive demand for medical devices and healthcare solutions. Silver Economy Investing: Why the Healthcare Giants Are in Focus
• Neutral Sentiment: The company announced Kweli Thompson will take over leadership of its neuroscience portfolio, replacing Brett Wall as part of a planned transition. The move keeps attention on execution in a major segment, but it is not a major financial update by itself. Medtronic Neuroscience Appointment Puts Focus On Execution And Growth Risks
• Neutral Sentiment: Medtronic also named new leaders in its neuroscience portfolio in a separate announcement, reinforcing that the change is already being absorbed by the market. Medtronic, BD name new leaders
• Neutral Sentiment: Recent trading commentary noted MDT had been advancing while the broader market declined, suggesting relative strength rather than a company-specific catalyst. Medtronic (MDT) Advances While Market Declines: Some Information for Investors

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 52,524 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $97.71, for a total transaction of $5,132,120.04. Following the transaction, the executive vice president owned 32,768 shares in the company, valued at approximately $3,201,761.28. This represents a 61.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. CICC Research assumed coverage on Medtronic in a research note on Friday, January 30th. They set an "outperform" rating on the stock. Piper Sandler dropped their price target on Medtronic from $105.00 to $91.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 1st. Argus dropped their price target on Medtronic from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Evercore set a $106.00 price target on Medtronic and gave the company an "outperform" rating in a research note on Thursday, April 9th. Finally, Leerink Partners reiterated an "outperform" rating and set a $119.00 price target on shares of Medtronic in a research note on Tuesday, March 10th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and an average price target of $107.80.

Medtronic Stock Up 1.5%

Shares of MDT opened at $78.51 on Wednesday. Medtronic PLC has a 52 week low of $74.40 and a 52 week high of $106.33. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $100.80 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 1.84 and a beta of 0.62. The stock's 50-day moving average price is $84.20 and its 200-day moving average price is $93.43.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. The company had revenue of $9.02 billion for the quarter, compared to the consensus estimate of $8.89 billion. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.Medtronic's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.38 earnings per share. On average, sell-side analysts predict that Medtronic PLC will post 5.57 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were given a dividend of $0.71 per share. The ex-dividend date was Friday, March 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.6%. Medtronic's dividend payout ratio is currently 79.11%.

Medtronic Company 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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