Medtronic PLC $MDT is Rhenman & Partners Asset Management AB's 4th Largest Position

Rhenman & Partners Asset Management AB increased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 44.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 296,000 shares of the medical technology company's stock after buying an additional 91,000 shares during the period. Medtronic comprises about 2.7% of Rhenman & Partners Asset Management AB's holdings, making the stock its 4th biggest position. Rhenman & Partners Asset Management AB's holdings in Medtronic were worth $28,434,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in Medtronic during the fourth quarter worth about $1,653,485,000. Capital Research Global Investors boosted its position in Medtronic by 12.6% during the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock worth $3,321,101,000 after purchasing an additional 3,880,174 shares during the period. Barclays PLC boosted its position in Medtronic by 104.6% during the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company's stock worth $650,604,000 after purchasing an additional 3,492,192 shares during the period. Schroder Investment Management Group boosted its position in Medtronic by 78.3% during the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company's stock worth $717,143,000 after purchasing an additional 3,307,211 shares during the period. Finally, Wellington Management Group LLP boosted its position in Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock worth $970,456,000 after purchasing an additional 2,658,981 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Mizuho cut their target price 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. Truist Financial cut their target price on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. Citigroup cut their target price on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Stifel Nicolaus set a $80.00 target price on shares of Medtronic in a research report on Wednesday, June 3rd. Finally, Sanford C. Bernstein cut their target price on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Medtronic Trading Down 0.3%

Shares of Medtronic stock 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 has a market cap of $102.85 billion, a PE ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. The company has a 50 day simple moving average of $80.85 and a two-hundred day simple moving average of $91.38.

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 net margin of 13.20% and a return on equity of 14.61%. The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the business posted $1.62 earnings per share. Medtronic's revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by insiders.

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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