Medtronic PLC $MDT Shares Sold by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC reduced its Medtronic stake by 6.2% in the fourth quarter, selling 54,902 shares and leaving it with 826,413 shares worth about $79.7 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 versus $1.54 estimated and revenue of $9.81 billion, up 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, while analysts currently rate the stock a “Moderate Buy” with a consensus target price of $99.00.

Hsbc Holdings PLC lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 6.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 826,413 shares of the medical technology company's stock after selling 54,902 shares during the period. Hsbc Holdings PLC owned about 0.06% of Medtronic worth $79,664,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Medtronic by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company's stock valued at $12,388,027,000 after buying an additional 1,888,381 shares in the last quarter. State Street Corp lifted its stake in shares of Medtronic by 2.0% in the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company's stock worth $5,966,780,000 after buying an additional 1,199,621 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Medtronic by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company's stock worth $5,150,420,000 after purchasing an additional 1,419,730 shares during the last quarter. Capital Research Global Investors boosted its stake in Medtronic by 12.6% during the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock worth $3,321,101,000 after buying an additional 3,880,174 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Medtronic by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company's stock valued at $2,665,832,000 after acquiring an additional 231,919 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

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 stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MDT has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $80.00 price objective on Medtronic in a report on Wednesday, June 3rd. Weiss Ratings cut Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 21st. Leerink Partners lowered their price target on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Daiwa Securities Group cut their price objective on Medtronic from $117.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Finally, Evercore set a $106.00 price objective on Medtronic and gave the company an "outperform" rating in a report on Thursday, April 9th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $99.00.

Medtronic Stock Performance

Shares of MDT stock opened at $79.15 on Tuesday. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The stock has a market capitalization of $101.62 billion, a PE ratio of 21.22, a P/E/G ratio of 2.13 and a beta of 0.58. The firm has a 50 day moving average of $79.96 and a two-hundred day moving average of $90.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The business had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The company's quarterly revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is presently 76.14%.

Medtronic 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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