Medtronic PLC $MDT Holdings Increased by Equity Investment Corp

Key Points

• Equity Investment Corp increased its Medtronic stake by 29.5% in the second quarter, adding 471,902 shares to hold 2.07 million shares valued at approximately $162 million. Institutional investors collectively own 82.06% of the company.
• Medtronic reported quarterly adjusted EPS of $1.55, slightly beating estimates, while revenue rose 9.9% year over year to $9.81 billion. The company also declared a quarterly dividend of $0.72 per share, implying a 3.1% annualized yield.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $98.83, despite some recent target reductions and a hold rating from Deutsche Bank.

Equity Investment Corp lifted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 29.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,070,582 shares of the medical technology company's stock after purchasing an additional 471,902 shares during the quarter. Medtronic accounts for approximately 3.1% of Equity Investment Corp's holdings, making the stock its 4th biggest position. Equity Investment Corp owned approximately 0.16% of Medtronic worth $161,982,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Anfield Capital Management LLC lifted its position in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 230 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Acumen Wealth Advisors LLC bought a new stake in shares of Medtronic during the fourth quarter worth $29,000. IAG Wealth Partners LLC purchased a new stake in Medtronic in the second quarter worth about $30,000. Finally, Imprint Wealth LLC purchased a new position in Medtronic during the third quarter valued at approximately $31,000. Hedge funds and other institutional investors 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 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 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 sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.26% of the company's stock.

Medtronic Trading Up 1.2%

MDT opened at $93.44 on Friday. The stock has a market capitalization of $119.60 billion, a PE ratio of 25.05, a PEG ratio of 2.47 and a beta of 0.55. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $84.39 and a two-hundred day moving average price of $86.06. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly 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. The business had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be issued a dividend of $0.72 per share. The ex-dividend date is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) is presently 77.21%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Needham & Company LLC reissued a "buy" rating and issued a $101.00 price objective on shares of Medtronic in a research report on Wednesday, June 17th. Leerink Partners cut their price target on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. 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. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Medtronic in a research note on Tuesday. Eighteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

Medtronic 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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