Medtronic PLC $MDT Shares Sold by Flputnam Investment Management Co.

Flputnam Investment Management Co. lessened its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 80.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,084 shares of the medical technology company's stock after selling 81,318 shares during the quarter. Flputnam Investment Management Co.'s holdings in Medtronic were worth $1,571,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MDT. Global Retirement Partners LLC purchased a new position in shares of Medtronic in the second quarter worth about $4,618,000. Fielder Capital Group LLC purchased a new stake in Medtronic in the second quarter valued at approximately $204,000. IAG Wealth Partners LLC purchased a new stake in Medtronic in the second quarter valued at approximately $30,000. CORDA Investment Management LLC. increased its holdings in Medtronic by 9.0% in the 2nd quarter. CORDA Investment Management LLC. now owns 296,967 shares of the medical technology company's stock worth $23,232,000 after buying an additional 24,604 shares during the period. Finally, Sandro Wealth Management LLC increased its holdings in Medtronic by 18.3% in the 2nd quarter. Sandro Wealth Management LLC now owns 5,691 shares of the medical technology company's stock worth $445,000 after buying an additional 879 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 1.8%

Medtronic stock opened at $92.45 on Friday. The firm has a market cap of $118.33 billion, a PE ratio of 24.79, a P/E/G ratio of 2.52 and a beta of 0.55. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The stock's 50 day simple moving average is $84.12 and its two-hundred day simple moving average is $86.01. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the firm earned $1.62 EPS. The business'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. Analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 3.1%. Medtronic's payout ratio is presently 77.21%.

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 transaction, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.26% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on MDT shares. Piper Sandler restated a "neutral" rating on shares of Medtronic in a research note on Monday, August 10th. BTIG Research reissued a "buy" rating and set a $91.00 target price on shares of Medtronic in a report on Tuesday. Royal Bank Of Canada reissued an "outperform" rating and set a $118.00 target price on shares of Medtronic in a report on Thursday, June 4th. Sanford C. Bernstein decreased their target price on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Finally, Truist Financial lowered their price target on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

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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