Medtronic PLC $MDT Shares Bought by Macquarie Group Ltd.

Key Points

• Macquarie Group increased its Medtronic stake by 7.5% in the fourth quarter, bringing its holdings to 441,967 shares valued at about $42.5 million.
• Medtronic recently reported better-than-expected quarterly results, with EPS of $1.55 versus $1.54 expected and revenue of $9.81 billion, up 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, implying an annualized yield of 3.6%, while analysts remain cautiously constructive with a consensus rating of Moderate Buy and a $99 price target.

Macquarie Group Ltd. grew its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 441,967 shares of the medical technology company's stock after acquiring an additional 30,791 shares during the quarter. Macquarie Group Ltd.'s holdings in Medtronic were worth $42,455,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of MDT. Norges Bank acquired a new stake in Medtronic in the fourth quarter worth about $1,653,485,000. Capital Research Global Investors lifted its holdings in Medtronic by 12.6% in 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 lifted its holdings in Medtronic by 104.6% in 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 lifted its holdings in Medtronic by 78.3% in 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 lifted its holdings in Medtronic by 35.3% in 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. Institutional investors and hedge funds own 82.06% of the company's stock.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company's stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $80.11 on Friday. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $102.85 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58. The firm has a 50-day moving average of $80.85 and a two-hundred day moving average of $91.38.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating 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 company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the prior year, the company earned $1.62 EPS. Medtronic'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. As a group, analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm 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 represents a $2.88 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is currently 76.14%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a "hold" rating and issued a $88.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Truist Financial reduced their price objective on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a report on Thursday, June 4th. The Goldman Sachs Group reduced their price objective on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. TD Cowen reaffirmed a "buy" rating and issued a $119.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Finally, Rothschild & Co Redburn reduced their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a report on Friday, June 5th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Medtronic Company 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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