Medtronic PLC $MDT is Avidity Partners Management LP's 7th Largest Position

Key Points

• Avidity Partners Management LP reduced its Medtronic stake by 43.5% in the fourth quarter, but MDT remains its 7th largest holding at about 3% of its portfolio.
• Medtronic reported mixed but solid quarterly results: EPS of $1.55 beat estimates by a penny and revenue rose 9.9% year over year to $9.81 billion, though shares were down slightly on the day.
• The company also raised its quarterly dividend to $0.72 per share, while analysts currently rate the stock a Moderate Buy with a consensus price target of $99.00.

Avidity Partners Management LP cut its stake in Medtronic PLC (NYSE:MDT - Free Report) by 43.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,600 shares of the medical technology company's stock after selling 83,000 shares during the period. Medtronic makes up approximately 3.0% of Avidity Partners Management LP's holdings, making the stock its 7th largest holding. Avidity Partners Management LP's holdings in Medtronic were worth $10,336,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MDT. Lodestone Wealth Management LLC purchased a new position in Medtronic in the fourth quarter valued at about $27,000. Anfield Capital Management LLC grew its position in shares of Medtronic by 410.7% in 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 during the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $29,000. GoalVest Advisory LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $29,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MDT has been the topic of several research reports. Truist Financial lowered their price target on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. The Goldman Sachs Group lowered their price target on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Wells Fargo & Company lowered their price target on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Rothschild & Co Redburn lowered their price target on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research report on Friday, June 5th. Finally, Leerink Partners lowered their price target on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 transaction, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is currently owned by company insiders.

Medtronic Stock Down 0.3%

Shares of NYSE MDT opened at $80.11 on Friday. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The firm's 50 day moving average price is $80.85 and its 200 day moving average price is $91.38. The firm has a market cap of $102.85 billion, a P/E ratio of 21.48, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54.

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, topping analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the business earned $1.62 earnings per share. Medtronic'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, sell-side analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.72 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic's dividend payout ratio (DPR) is 76.14%.

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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