Medtronic PLC $MDT Holdings Trimmed by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its Medtronic stake 6.6% in the third quarter, selling 260,188 shares; it still held 3.66 million shares worth about $316 million.
• Medtronic beat quarterly estimates, reporting EPS of $1.45 versus $1.39 expected and revenue of $9.76 billion versus $9.55 billion expected; revenue rose 13.7% year over year.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $102.88. Medtronic also paid a quarterly dividend of $0.72 per share.

Beutel Goodman & Co Ltd. reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 6.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,662,088 shares of the medical technology company's stock after selling 260,188 shares during the quarter. Medtronic accounts for 2.5% of Beutel Goodman & Co Ltd.'s investment portfolio, making the stock its 7th biggest holding. Beutel Goodman & Co Ltd. owned about 0.29% of Medtronic worth $316,001,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Texas Bank & Trust Co purchased a new stake in shares of Medtronic in the third quarter worth approximately $267,000. AlphaCore Capital LLC boosted its holdings in shares of Medtronic by 19.9% during the third quarter. AlphaCore Capital LLC now owns 25,330 shares of the medical technology company's stock worth $2,204,000 after purchasing an additional 4,204 shares during the period. Clear Wave Wealth Management LLC grew its position in Medtronic by 10.1% during the third quarter. Clear Wave Wealth Management LLC now owns 3,903 shares of the medical technology company's stock valued at $337,000 after purchasing an additional 359 shares in the last quarter. Burton Enright Welch purchased a new position in Medtronic during the third quarter valued at approximately $274,000. Finally, Avion Wealth grew its position in Medtronic by 97.8% during the third quarter. Avion Wealth now owns 362 shares of the medical technology company's stock valued at $31,000 after purchasing an additional 179 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Activity at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 50,000 shares of the business's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $95.00, for a total value of $4,750,000.00. Following the completion of the sale, the chief executive officer owned 277,866 shares of the company's stock, valued at $26,397,270. The trade was a 15.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Marinaro sold 10,420 shares of the company's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $96.00, for a total value of $1,000,320.00. Following the sale, the executive vice president owned 105,916 shares of the company's stock, valued at approximately $10,167,936. This trade represents a 8.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 61,903 shares of company stock valued at $5,889,203. Insiders own 0.27% of the company's stock.

Medtronic Price Performance

Shares of MDT opened at $102.73 on Tuesday. The firm has a market cap of $131.41 billion, a PE ratio of 25.30, a PEG ratio of 2.46 and a beta of 0.56. The firm's 50 day moving average price is $92.93 and its 200 day moving average price is $88.46. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 2.07. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.06. The firm had revenue of $9.76 billion during the quarter, compared to analysts' expectations of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The company's revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.26 earnings per share. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. As a group, research analysts expect that Medtronic PLC will post 5.98 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, September 25th. Medtronic's payout ratio is presently 70.94%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MDT shares. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $92.00 price objective on shares of Medtronic in a research note on Thursday, September 3rd. Needham & Company LLC reissued a "buy" rating on shares of Medtronic in a research note on Thursday, September 17th. Weiss Ratings upgraded shares of Medtronic from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, October 19th. Robert W. Baird increased their price objective on Medtronic from $91.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, September 2nd. Finally, Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research report on Sunday. Eighteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $102.88.

About Medtronic

Medtronic plc is a medical technology company that develops and manufactures devices and therapies for a range of health conditions. Its products include pacemakers and defibrillators, heart valves, surgical technologies, neurostimulation devices, and insulin pumps and other diabetes-management products.

The company was founded in Minneapolis in 1949 by Earl Bakken and Palmer Hermundslie as a medical equipment repair business. It has since grown into a global company serving patients and health care providers in more than 150 countries.

Medtronic is headquartered in Dublin, Ireland, and maintains significant operations in Minnesota, where the company was founded.

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