Medtronic PLC $MDT Shares Purchased by Aberdeen Group plc

Key Points

• Aberdeen Group increased its Medtronic stake by 13.3% in the second quarter, acquiring 350,191 shares and bringing its total holdings to 2.99 million shares valued at approximately $233.9 million. Institutional investors collectively own 82.06% of Medtronic.
• Analysts maintain a generally positive view, with 18 Buy ratings and nine Holds producing a consensus “Moderate Buy” rating and an average price target of $98.83. Recent target changes were mixed, while Wall Street Zen upgraded the stock to Buy.
• Medtronic reported quarterly revenue of $9.81 billion and EPS of $1.55, slightly exceeding estimates, while revenue rose 9.9% year over year. The company also raised its quarterly dividend to $0.72 per share, implying a 3.2% yield.

Aberdeen Group plc boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 13.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,990,059 shares of the medical technology company's stock after acquiring an additional 350,191 shares during the period. Aberdeen Group plc owned 0.23% of Medtronic worth $233,912,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Monetary Solutions Ltd acquired a new position in Medtronic in the fourth quarter valued at approximately $27,000. Anfield Capital Management LLC lifted its stake in shares of Medtronic by 410.7% in the 4th 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. Acumen Wealth Advisors LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $29,000. Imprint Wealth LLC purchased a new position in shares of Medtronic during the 3rd quarter worth $31,000. Finally, Basepoint Wealth LLC purchased a new position in shares of Medtronic during the 4th quarter worth $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Transactions at Medtronic

In related 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 value of $336,963.16. Following the completion of the transaction, the executive vice president 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Sanford C. Bernstein lowered their target price on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Needham & Company LLC reiterated a "buy" rating and set a $101.00 price target on shares of Medtronic in a research report on Wednesday, June 17th. Truist Financial reduced their price target on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a research note on Thursday, June 4th. Finally, Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $98.83.

Medtronic Trading Up 0.6%

MDT opened at $91.10 on Friday. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The stock has a market capitalization of $116.62 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 2.45 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The business has a fifty day moving average price of $83.20 and a 200 day moving average price of $86.36.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the company earned $1.62 EPS. Medtronic's revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.2%. This is a positive change from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. Medtronic's dividend payout ratio is 77.21%.

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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