Geode Capital Management LLC Buys 231,919 Shares of Medtronic PLC $MDT

Key Points

• Geode Capital Management increased its Medtronic stake by 0.8% in the fourth quarter, adding 231,919 shares and bringing its total holding to 27.9 million shares valued at about $2.67 billion.
• Several other large institutional investors also boosted positions, and institutions now own 82.06% of Medtronic’s shares, underscoring continued heavy professional ownership.
• Wall Street remains cautiously optimistic: analysts assign Medtronic a “Moderate Buy” consensus, but some have cut price targets and ratings, with earnings and guidance due soon likely to shape sentiment.

Geode Capital Management LLC increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,879,481 shares of the medical technology company's stock after purchasing an additional 231,919 shares during the quarter. Geode Capital Management LLC owned 2.17% of Medtronic worth $2,665,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of MDT. Vanguard Group Inc. increased its position 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 worth $12,388,027,000 after buying an additional 1,888,381 shares in the last quarter. State Street Corp grew its position in shares of Medtronic by 1.0% during the third quarter. State Street Corp now owns 60,460,537 shares of the medical technology company's stock worth $5,800,550,000 after purchasing an additional 625,992 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Medtronic by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 21,468,260 shares of the medical technology company's stock valued at $2,044,637,000 after buying an additional 192,410 shares during the last quarter. Raymond James Financial Inc. boosted its stake in Medtronic by 3.0% during the third quarter. Raymond James Financial Inc. now owns 11,203,865 shares of the medical technology company's stock valued at $1,067,055,000 after buying an additional 327,899 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock valued at $970,456,000 after buying an additional 2,658,981 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Argus dropped their price target on Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Weiss Ratings cut shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 21st. The Goldman Sachs Group set a $84.00 price objective on shares of Medtronic and gave the stock a "neutral" rating in a research note on Thursday, May 21st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $105.00 to $100.00 and set a "neutral" rating for the company in a report on Wednesday, February 18th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $106.45.

Key Headlines Impacting Medtronic

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic announced its intention to acquire SPR Therapeutics, a move that could expand its pain-management portfolio and support longer-term growth. Medtronic plc (MDT) Announces Intention to Acquire SPR Therapeutics (SPR)
• Positive Sentiment: Analysts noted broad MedSurg, cardiovascular, and diabetes strength could help Medtronic’s fiscal Q4 results, suggesting some underlying operational support. Broad-Based MedSurg Growth Likely to Aid MDT's Q4 Performance
• Neutral Sentiment: Medtronic is expected to report earnings on Wednesday, keeping investors focused on whether results and guidance can reset expectations. Medtronic (MDT) Expected to Announce Earnings on Wednesday
• Neutral Sentiment: Industry comparisons continue to highlight competition in surgical robotics, with Intuitive Surgical seen as having the stronger growth profile than Medtronic’s Hugo platform. ISRG vs. MDT: Which Surgical Robot Stock Is the Better Buy?
• Negative Sentiment: Analysts are looking for a decline in Medtronic’s earnings and say the company may not have the right setup for an earnings beat, which is weighing on sentiment ahead of the report. Analysts Estimate Medtronic (MDT) to Report a Decline in Earnings: What to Look Out for
• Negative Sentiment: Recent trading showed the stock weakening despite a broader market gain, reinforcing cautious investor sentiment. Medtronic (MDT) Stock Drops Despite Market Gains: Important Facts to Note

Medtronic Price Performance

NYSE:MDT opened at $75.98 on Thursday. The firm has a market capitalization of $97.55 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 1.85 and a beta of 0.62. Medtronic PLC has a 1 year low of $74.40 and a 1 year high of $106.33. The business has a 50 day simple moving average of $82.89 and a 200-day simple moving average of $92.90. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, March 27th. Medtronic's dividend payout ratio (DPR) is presently 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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