First National Bank of Omaha Has $8.02 Million Position in Medtronic PLC $MDT

Key Points

• First National Bank of Omaha sharply increased its Medtronic stake by 1,828.3% in the fourth quarter, ending with 82,994 shares valued at about $8.02 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 versus estimates of $1.54 and revenue of $9.81 billion, up 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, while analysts currently rate the stock a Moderate Buy with a consensus price target of $99.00.

First National Bank of Omaha boosted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1,828.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,994 shares of the medical technology company's stock after buying an additional 78,690 shares during the quarter. First National Bank of Omaha's holdings in Medtronic were worth $8,020,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MDT. Norges Bank acquired a new position in Medtronic during the 4th quarter worth about $1,653,485,000. Capital Research Global Investors lifted 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 buying an additional 3,880,174 shares during the period. Barclays PLC lifted its holdings in 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 buying an additional 3,492,192 shares during the period. Schroder Investment Management Group lifted its holdings in 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 buying an additional 3,307,211 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in 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 buying an additional 2,658,981 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of Medtronic stock opened at $80.11 on Friday. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The firm has a market capitalization of $102.85 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58. The business has a 50-day simple moving average of $80.85 and a 200 day simple moving average of $91.38. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results 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. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the company posted $1.62 EPS. The firm'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. On average, research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is presently 76.14%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. TD Cowen reissued a "buy" rating and issued a $119.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Mizuho lowered their price objective on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, June 3rd. Daiwa Securities Group lowered their price objective on Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, February 27th. Finally, Citigroup lowered their price objective on Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently 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 business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, 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 SEC, which is accessible through this hyperlink. 0.26% of the stock is owned by insiders.

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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