Medtronic PLC $MDT Stake Raised by KBC Group NV

Key Points

• KBC Group NV increased its Medtronic stake by 50.1% in the first quarter, buying 215,531 more shares and bringing its total to 646,039 shares worth about $55.98 million.
• Medtronic reported better-than-expected quarterly results, posting EPS of $1.55 versus $1.54 expected and revenue of $9.81 billion versus $9.62 billion expected, with revenue up 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, and analysts currently view the stock as a Moderate Buy with a consensus target price of $98.21.

KBC Group NV boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 50.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 646,039 shares of the medical technology company's stock after acquiring an additional 215,531 shares during the quarter. KBC Group NV owned 0.05% of Medtronic worth $55,979,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Madison Asset Management LLC lifted its position in Medtronic by 15.0% in the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after buying an additional 25,527 shares in the last quarter. Ticino Wealth acquired a new position in shares of Medtronic in the fourth quarter worth $2,049,000. First Eagle Investment Management LLC increased its stake in shares of Medtronic by 0.4% in the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock worth $939,009,000 after acquiring an additional 40,196 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Medtronic by 12.7% during the fourth quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock worth $75,988,000 after acquiring an additional 89,111 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in shares of Medtronic by 7.9% during the fourth quarter. Handelsbanken Fonder AB now owns 669,085 shares of the medical technology company's stock worth $64,272,000 after acquiring an additional 48,922 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

MDT opened at $83.29 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The company has a market cap of $106.61 billion, a PE ratio of 22.33, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56. The stock has a 50-day moving average of $79.68 and a 200-day moving average of $87.84. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. The business 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 firm's revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities research analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is currently 77.21%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group dropped their target price on Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Mizuho reduced their price target on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, June 3rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $118.00 price target on shares of Medtronic in a research note on Thursday, June 4th. Rothschild & Co Redburn cut their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research report on Friday, June 5th. Finally, Barclays lifted their target price on shares of Medtronic from $118.00 to $120.00 and gave the company an "overweight" rating in a research note on Wednesday, April 1st. Seventeen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.21.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.26% of the company's stock.

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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