Medtronic PLC $MDT Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP reduced its Medtronic stake by 2%, selling 11,332 shares and retaining 548,904 shares valued at approximately $42.9 million. Institutional investors and hedge funds collectively own 82.06% of the company.
• Analysts maintain a generally positive outlook, with 19 Buy ratings and nine Holds producing a “Moderate Buy” consensus and an average price target of $103.92.
• Medtronic exceeded quarterly expectations, reporting $1.45 in EPS and $9.76 billion in revenue, up 13.7% year over year. The company also declared a quarterly dividend of $0.72 per share, representing a 3.2% annualized yield.

Corient Private Wealth LP reduced its stake in Medtronic PLC (NYSE:MDT - Free Report) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 548,904 shares of the medical technology company's stock after selling 11,332 shares during the quarter. Corient Private Wealth LP's holdings in Medtronic were worth $42,943,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Medtronic in the 2nd quarter valued at approximately $4,091,000. First Eagle Investment Management LLC raised its holdings in shares of Medtronic by 37.2% in the 2nd quarter. First Eagle Investment Management LLC now owns 13,783,983 shares of the medical technology company's stock valued at $1,078,321,000 after buying an additional 3,739,288 shares during the period. California State Teachers Retirement System increased its stake in Medtronic by 7,655.7% during the second quarter. California State Teachers Retirement System now owns 158,124,578 shares of the medical technology company's stock worth $12,370,086,000 after purchasing an additional 156,085,748 shares during the period. Studio Investment Management LLC increased its stake in Medtronic by 15.8% during the 2nd quarter. Studio Investment Management LLC now owns 16,289 shares of the medical technology company's stock worth $1,286,000 after buying an additional 2,221 shares during the period. Finally, VELA Investment Management LLC raised its stake in shares of Medtronic by 15.7% in the second quarter. VELA Investment Management LLC now owns 7,734 shares of the medical technology company's stock valued at $605,000 after acquiring an additional 1,048 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MDT shares. The Goldman Sachs Group reduced their target price 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. Robert W. Baird upped their target price on shares of Medtronic from $91.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday, September 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $92.00 target price on shares of Medtronic in a research report on Thursday, September 3rd. Mizuho set a $115.00 price target on shares of Medtronic in a research note on Wednesday, September 2nd. Finally, Truist Financial reissued a "hold" rating and issued a $99.00 price target (up from $86.00) on shares of Medtronic in a research report on Wednesday, September 2nd. Nineteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $103.92.

Medtronic Stock Performance

Shares of MDT opened at $90.97 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50. The firm has a market cap of $116.36 billion, a PE ratio of 22.41, a price-to-earnings-growth ratio of 2.13 and a beta of 0.56. The company's 50 day simple moving average is $87.91 and its 200-day simple moving average is $85.18. 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 announced its earnings results on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.06. The business had revenue of $9.76 billion for the quarter, compared to analysts' expectations of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The company's quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.26 EPS. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. As a group, equities analysts predict that Medtronic PLC will post 5.96 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be paid a dividend of $0.72 per share. The ex-dividend date is Friday, September 25th. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. Medtronic's dividend payout ratio is 70.94%.

About Medtronic

Medtronic plc is a global medical technology company that develops, manufactures and sells devices and therapies used to diagnose and treat a broad range of medical conditions. Its products are designed for hospitals, physicians and patients across areas including cardiac care, diabetes, neurological disorders, spinal conditions and surgical procedures.

The company's portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, heart valves, neurostimulation systems, implantable pumps, spinal implants and surgical technologies.

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