Medtronic PLC $MDT Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Medtronic stake by 5.2% in the second quarter, selling 807,616 shares and retaining 14.7 million shares worth approximately $1.15 billion. Institutional investors collectively own 82.06% of the company.
• Analysts maintain a generally positive view, with an average rating of “Moderate Buy” and a consensus price target of $98.83, although some firms recently lowered their targets.
• Medtronic exceeded quarterly earnings and revenue expectations, while raising its quarterly dividend to $0.72 per share—an annualized $2.88 dividend yielding about 3.1%.

Bank of New York Mellon Corp trimmed its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,694,253 shares of the medical technology company's stock after selling 807,616 shares during the period. Bank of New York Mellon Corp owned about 1.15% of Medtronic worth $1,149,531,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew its position 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 purchasing an additional 37,265 shares during the last quarter. Sivia Capital Partners LLC lifted its position 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 in the last quarter. Jump Financial LLC acquired a new stake in shares of Medtronic during the second quarter valued at $299,000. Main Street Financial Solutions LLC increased its position 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 purchasing an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC raised its stake in Medtronic by 21.3% in 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 purchasing an additional 3,376 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $118.00 price target on shares of Medtronic in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. TD Cowen decreased their target price on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Mizuho decreased their target price on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 3rd. Finally, BTIG Research reaffirmed a "buy" rating and issued a $91.00 target price on shares of Medtronic in a research note on Tuesday. Eighteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $98.83.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Medtronic Price Performance

Shares of Medtronic stock opened at $92.45 on Friday. The business's fifty day moving average price is $84.12 and its 200 day moving average price is $86.01. 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 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $118.33 billion, a P/E ratio of 24.79, a PEG ratio of 2.52 and a beta of 0.55.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.72 per share. 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. This represents a $2.88 dividend on an annualized basis and a yield of 3.1%. Medtronic's dividend payout ratio is currently 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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