Associated Banc Corp lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 33.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 118,886 shares of the medical technology company's stock after selling 58,703 shares during the period. Associated Banc Corp's holdings in Medtronic were worth $9,300,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Brighton Jones LLC grew its stake 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 buying an additional 37,265 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Medtronic by 9.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock valued at $380,000 after buying an additional 381 shares during the period. Jump Financial LLC acquired a new position in Medtronic during the 2nd quarter worth about $299,000. Main Street Financial Solutions LLC lifted its stake in Medtronic by 28.9% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock worth $1,251,000 after acquiring an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC boosted its holdings in Medtronic by 21.3% during the 2nd 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. Hedge funds and other institutional investors own 82.06% of the company's stock.
Insider Buying and Selling
In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction 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 sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
MDT has been the topic of a number of recent research reports. Robert W. Baird cut their price target on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Sanford C. Bernstein lowered their price objective 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. Weiss Ratings cut shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Wells Fargo & Company cut their target price on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Finally, Mizuho decreased their price target 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. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $98.83.
View Our Latest Stock Report on MDT
Medtronic Price Performance
Medtronic stock opened at $91.10 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $83.20 and a 200-day simple moving average of $86.36. The stock has a market cap of $116.62 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33.
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 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 analysts' expectations of $9.62 billion. During the same period last year, the firm earned $1.62 earnings per share. Medtronic's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities analysts expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.
Medtronic Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a $0.72 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, June 26th. Medtronic's payout ratio is currently 77.21%.
About Medtronic
(
Free Report)
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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