Magellan Asset Management Ltd Has $126.01 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Magellan Asset Management trimmed its Medtronic stake by 1.3% in the first quarter, but still held 1.45 million shares valued at about $126.0 million. Medtronic remains its 26th-largest holding.
• Medtronic posted solid quarterly results, with EPS of $1.55 slightly beating expectations and revenue of $9.81 billion topping estimates. The company also raised its quarterly dividend to $0.72 per share, or a 3.5% annualized yield.
• Analyst sentiment remains broadly positive despite some target cuts: Medtronic now has a Moderate Buy consensus, with 17 Buy ratings and 10 Hold ratings. Shares were last reported at $82.31, below the consensus price target of $98.21.

Magellan Asset Management Ltd reduced its stake in Medtronic PLC (NYSE:MDT - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,454,218 shares of the medical technology company's stock after selling 18,640 shares during the period. Medtronic accounts for 1.6% of Magellan Asset Management Ltd's holdings, making the stock its 26th biggest holding. Magellan Asset Management Ltd owned 0.11% of Medtronic worth $126,008,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MDT. Phillip James Consulting Co. acquired a new stake in shares of Medtronic in the 1st quarter valued at about $687,000. ABN Amro Investment Solutions acquired a new position in Medtronic during the 1st quarter worth approximately $7,544,000. PNC Financial Services Group Inc. raised its stake in Medtronic by 2.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 658,800 shares of the medical technology company's stock worth $57,085,000 after buying an additional 17,089 shares during the period. Oslo Pensjonsforsikring AS bought a new position in Medtronic in the first quarter worth approximately $497,000. Finally, Madison Asset Management LLC grew its stake in Medtronic by 25.0% in the first quarter. Madison Asset Management LLC now owns 244,000 shares of the medical technology company's stock valued at $21,143,000 after acquiring an additional 48,784 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Transactions at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on MDT shares. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday. Citigroup cut their target price on Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. Mizuho reduced their price target on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, June 3rd. Sanford C. Bernstein decreased their price target on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.21.

Medtronic Stock Performance

Shares of Medtronic stock opened at $82.31 on Wednesday. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The business has a 50 day moving average price of $79.79 and a 200-day moving average price of $87.75. The company has a market cap of $105.36 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56.

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

Medtronic Increases Dividend

The company 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 represents a $2.88 dividend on an annualized basis and a yield of 3.5%. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is presently 77.21%.

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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