Medtronic PLC $MDT Shares Acquired by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management increased its Medtronic stake by 5.3% in the fourth quarter, buying 37,518 more shares and bringing its total holding to 749,064 shares worth about $71.96 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 versus the $1.54 consensus and revenue of $9.81 billion, up 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share from $0.71, while analysts currently rate the stock a “Moderate Buy” with an average price target of $99.

Panagora Asset Management Inc. grew its position in Medtronic PLC (NYSE:MDT - Free Report) by 5.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 749,064 shares of the medical technology company's stock after acquiring an additional 37,518 shares during the quarter. Panagora Asset Management Inc. owned about 0.06% of Medtronic worth $71,955,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MDT. Brighton Jones LLC boosted its holdings in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the period. Sivia Capital Partners LLC boosted its holdings in shares of Medtronic by 9.6% in the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock valued at $380,000 after acquiring an additional 381 shares during the period. Jump Financial LLC acquired a new stake in shares of Medtronic in the second quarter valued at approximately $299,000. Main Street Financial Solutions LLC boosted its holdings in shares of Medtronic by 28.9% in the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock valued at $1,251,000 after acquiring an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC boosted its holdings in shares of Medtronic by 21.3% in the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock valued at $1,676,000 after acquiring an additional 3,376 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Medtronic stock opened at $80.11 on Monday. 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 business has a fifty day moving average of $80.85 and a two-hundred day moving average of $91.29. The company 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.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter last year, the company earned $1.62 earnings per share. Medtronic's quarterly 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, analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. Truist Financial decreased their price objective on Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Citigroup decreased their price objective on Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Daiwa Securities Group decreased their price objective on Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a report on Friday, February 27th. Finally, Robert W. Baird decreased their price target on Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $99.00.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction 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 completion of the transaction, the executive vice president owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by company 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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