Medtronic PLC $MDT Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management reduced its Medtronic stake by 7% in the second quarter, selling 70,818 shares and retaining 933,769 shares worth approximately $73 million. Institutional investors and hedge funds collectively own 82.06% of the company.
• Analysts maintain a generally positive outlook, with Medtronic receiving a consensus “Moderate Buy” rating and an average price target of $98.83. Price targets range from $80 to $105, while UBS upgraded the stock to “buy.”
• Medtronic reported quarterly earnings of $1.55 per share and revenue of $9.81 billion, exceeding estimates, while revenue increased 9.9% year over year. The company also raised its quarterly dividend to $0.72, implying a 3.2% annual yield.

TD Asset Management Inc decreased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 7.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 933,769 shares of the medical technology company's stock after selling 70,818 shares during the quarter. TD Asset Management Inc owned 0.07% of Medtronic worth $73,049,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Anfield Capital Management LLC raised its stake in shares of Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares during the period. Monetary Solutions Ltd acquired a new position in Medtronic during the fourth quarter worth $27,000. Acumen Wealth Advisors LLC purchased a new position in Medtronic during the fourth quarter valued at $29,000. Imprint Wealth LLC purchased a new position in Medtronic during the third quarter valued at $31,000. Finally, Basepoint Wealth LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $32,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MDT shares. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research note on Wednesday, June 3rd. Truist Financial decreased their target price on Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. Evercore set a $105.00 price target on Medtronic in a research report on Monday, July 6th. JPMorgan Chase & Co. reduced their price objective on Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Finally, UBS Group raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $85.00 to $100.00 in a research note on Tuesday, July 28th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $98.83.

Medtronic Price Performance

Medtronic stock opened at $90.44 on Tuesday. 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 50-day moving average price of $83.40 and a 200 day moving average price of $86.19. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The stock has a market cap of $115.77 billion, a P/E ratio of 24.25, a PEG ratio of 2.45 and a beta of 0.55.

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 company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the business posted $1.62 EPS. Medtronic's revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a $0.72 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, June 26th. Medtronic's payout ratio is currently 77.21%.

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was 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 directly 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. Corporate insiders own 0.26% of the company's stock.

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).

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source