Medtronic PLC $MDT Holdings Decreased by Aristotle Capital Management LLC

Key Points

• Aristotle Capital Management trimmed its Medtronic stake by 4.0% in the first quarter, selling 280,356 shares and ending with 6.65 million shares worth about $576.2 million.
• Medtronic’s latest quarter topped expectations, posting EPS of $1.55 versus $1.54 expected and revenue of $9.81 billion versus $9.62 billion expected, with revenue up 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, and Wall Street currently has a consensus rating of “Moderate Buy” with an average price target of $98.21.

Aristotle Capital Management LLC reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,649,263 shares of the medical technology company's stock after selling 280,356 shares during the period. Aristotle Capital Management LLC owned approximately 0.52% of Medtronic worth $576,164,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Madison Asset Management LLC boosted its stake in Medtronic by 15.0% during the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock valued at $18,752,000 after purchasing an additional 25,527 shares during the period. Ticino Wealth acquired a new position in shares of Medtronic in the 4th quarter worth approximately $2,049,000. First Eagle Investment Management LLC grew its holdings in Medtronic by 0.4% during the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock worth $939,009,000 after acquiring an additional 40,196 shares during the last quarter. KBC Group NV increased its stake in shares of Medtronic by 5.2% in the 4th quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock valued at $41,354,000 after buying an additional 21,384 shares during the period. Finally, Cerity Partners LLC lifted its position in Medtronic by 12.7% during the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock valued at $75,988,000 after purchasing an additional 89,111 shares during the period. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MDT shares. JPMorgan Chase & Co. lowered their price target on Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. BTIG Research reiterated a "buy" rating and issued a $91.00 price objective on shares of Medtronic in a report on Monday, July 13th. Robert W. Baird decreased their price target on Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. TD Cowen cut their price target on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, July 10th. Finally, Argus dropped their price objective on Medtronic from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Seventeen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $98.21.

Insider Activity

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 stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Medtronic Trading Up 1.4%

MDT opened at $83.12 on Friday. The firm has a market capitalization of $106.40 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 2.20 and a beta of 0.56. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The company's 50 day moving average price is $80.15 and its two-hundred day moving average price is $87.52. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $9.62 billion. During the same period in the previous year, the business earned $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. As a group, research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors 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 annualized dividend and a dividend yield of 3.5%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is 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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