Invesco Ltd. Acquires 27,632 Shares of Medtronic PLC $MDT

Key Points

• Invesco Ltd. increased its Medtronic stake by 27,632 shares in the fourth quarter, bringing its total holdings to 16.23 million shares valued at about $1.56 billion.
• Medtronic’s latest quarterly results slightly beat expectations, with EPS of $1.55 and revenue of $9.81 billion, while revenue rose 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, and analysts currently rate the stock a Moderate Buy with a consensus price target of $99.00.

Invesco Ltd. increased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 0.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,232,293 shares of the medical technology company's stock after buying an additional 27,632 shares during the period. Invesco Ltd. owned 1.27% of Medtronic worth $1,559,274,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MDT. Michels Family Financial LLC grew its position in shares of Medtronic by 3.1% in the fourth quarter. Michels Family Financial LLC now owns 7,339 shares of the medical technology company's stock valued at $705,000 after purchasing an additional 222 shares in the last quarter. Harbour Wealth Management Group Inc. bought a new position in Medtronic in the 4th quarter worth about $489,000. Axxcess Wealth Management LLC grew its holdings in Medtronic by 10.0% during the 4th quarter. Axxcess Wealth Management LLC now owns 15,132 shares of the medical technology company's stock valued at $1,454,000 after buying an additional 1,370 shares in the last quarter. Birchwood Financial Partners Inc. bought a new stake in shares of Medtronic during the fourth quarter valued at about $204,000. Finally, Corient Private Wealth LLC lifted its holdings in shares of Medtronic by 33.3% in the fourth quarter. Corient Private Wealth LLC now owns 751,932 shares of the medical technology company's stock worth $72,231,000 after buying an additional 187,902 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the subject of several recent analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $118.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. The Goldman Sachs Group decreased their price target on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. UBS Group dropped their price objective on Medtronic from $90.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Weiss Ratings cut Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Finally, Daiwa Securities Group decreased their target price on Medtronic from $117.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, February 27th. Seventeen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Medtronic Price Performance

Shares of NYSE:MDT opened at $79.37 on Friday. The company's fifty day moving average price is $80.32 and its 200-day moving average price is $90.58. The firm has a market capitalization of $101.90 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 2.10 and a beta of 0.58. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. 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 posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the firm 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, equities 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 declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.6%. This is an increase from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Friday, June 26th. Medtronic's dividend payout ratio is presently 76.14%.

Insider Transactions at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the transaction, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is currently owned by company insiders.

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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