Medtronic PLC $MDT is Sector Gamma AS's 3rd Largest Position

Key Points

• Sector Gamma AS trimmed its Medtronic stake by 11.1% in the fourth quarter, selling 33,797 shares and ending with 269,644 shares worth about $25.9 million. Medtronic still makes up roughly 5.9% of the fund’s portfolio and remains its third-largest holding.
• Medtronic reported solid quarterly results, with EPS of $1.55 slightly topping estimates and revenue of $9.81 billion beating forecasts. Revenue rose 9.9% year over year, and the company guided FY2027 EPS to $5.90-$6.00.
• The company raised its quarterly dividend to $0.72 per share from $0.71, implying a 3.6% annual yield. Analysts remain generally positive, with an average rating of “Moderate Buy” and a consensus price target of $99.

Sector Gamma AS lessened its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 11.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 269,644 shares of the medical technology company's stock after selling 33,797 shares during the period. Medtronic comprises approximately 5.9% of Sector Gamma AS's investment portfolio, making the stock its 3rd biggest holding. Sector Gamma AS's holdings in Medtronic were worth $25,902,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Artisan Partners Limited Partnership raised its stake in Medtronic by 2.6% in the third quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company's stock worth $117,579,000 after buying an additional 31,314 shares in the last quarter. CSM Advisors LLC increased its position in shares of Medtronic by 13.2% during the third quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company's stock worth $27,169,000 after purchasing an additional 33,167 shares in the last quarter. SageView Advisory Group LLC increased its position in shares of Medtronic by 164.8% during the third quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company's stock worth $2,305,000 after purchasing an additional 15,062 shares in the last quarter. Madison Asset Management LLC increased its position in shares of Medtronic by 15.0% during the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after purchasing an additional 25,527 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its holdings in shares of Medtronic by 17.8% during the third quarter. Bleakley Financial Group LLC now owns 87,313 shares of the medical technology company's stock valued at $8,316,000 after buying an additional 13,177 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

NYSE:MDT opened at $80.28 on Friday. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The firm has a market cap of $103.07 billion, a price-to-earnings ratio of 21.52, a PEG ratio of 1.95 and a beta of 0.58. The firm's fifty day moving average is $80.97 and its two-hundred day moving average is $91.46.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 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 company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the prior year, the company earned $1.62 earnings per share. The firm's revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts expect that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is currently 76.14%.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares of the company's stock, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. BTIG Research raised shares of Medtronic from a "neutral" rating to a "buy" rating and set a $90.00 price objective on the stock in a report on Wednesday, June 3rd. Needham & Company LLC dropped their price objective on shares of Medtronic from $120.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, June 3rd. TD Cowen reissued a "buy" rating and set a $119.00 price objective on shares of Medtronic in a report on Thursday, June 4th. UBS Group dropped their price objective on shares of Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Finally, Barclays boosted their price objective on shares of Medtronic from $118.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, April 1st. Seventeen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $99.00.

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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