Lazard Asset Management LLC Lowers Stock Holdings in Medtronic PLC $MDT

Lazard Asset Management LLC reduced its position in Medtronic PLC (NYSE:MDT - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,309,161 shares of the medical technology company's stock after selling 102,641 shares during the quarter. Lazard Asset Management LLC owned approximately 0.26% of Medtronic worth $286,739,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MDT. Gateway Wealth Partners LLC acquired a new stake in Medtronic during the 1st quarter worth approximately $536,000. OMERS ADMINISTRATION Corp boosted its holdings in Medtronic by 6.9% in the first quarter. OMERS ADMINISTRATION Corp now owns 50,580 shares of the medical technology company's stock valued at $4,383,000 after purchasing an additional 3,279 shares during the period. Van Diest Capital LLC grew its stake in Medtronic by 58.4% during the 1st quarter. Van Diest Capital LLC now owns 6,108 shares of the medical technology company's stock worth $529,000 after purchasing an additional 2,252 shares in the last quarter. Lombard Odier Asset Management Switzerland SA increased its holdings in Medtronic by 10.7% during the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 35,094 shares of the medical technology company's stock worth $3,041,000 after purchasing an additional 3,400 shares during the period. Finally, Waverly Advisors LLC raised its position in Medtronic by 1.6% in the 1st quarter. Waverly Advisors LLC now owns 106,239 shares of the medical technology company's stock valued at $9,206,000 after purchasing an additional 1,714 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.26% of the company's stock.

Medtronic Trading Down 0.1%

NYSE:MDT opened at $83.12 on Monday. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The stock has a market cap of $106.40 billion, a P/E ratio of 22.28, a P/E/G ratio of 2.23 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The stock has a 50-day simple moving average of $80.15 and a 200-day simple moving average of $87.45.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business's quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the company earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.5%. Medtronic's dividend payout ratio is 77.21%.

Analyst Ratings Changes

A number of brokerages have recently commented on MDT. JPMorgan Chase & Co. lowered their price objective on Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. TD Cowen reduced their target price on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Argus decreased their price target on shares of Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Finally, Piper Sandler reissued a "neutral" rating and issued a $85.00 price objective on shares of Medtronic in a research report on Tuesday, June 16th. Seventeen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $98.21.

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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