Medtronic PLC $MDT Stake Trimmed by Aberdeen Group plc

Key Points

• Aberdeen Group cut its Medtronic stake by 12% in the third quarter, selling 358,758 shares; it retained about 2.63 million shares worth $227.1 million. Institutional investors collectively own 82.06% of the stock.
• Medtronic reported quarterly EPS of $1.45, beating analysts’ $1.39 estimate, and revenue of $9.76 billion versus expectations of $9.55 billion; revenue rose 13.7% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $102.88. Medtronic’s quarterly dividend is $0.72 per share, equivalent to an annualized yield of about 2.8%.

Aberdeen Group plc lowered its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,631,301 shares of the medical technology company's stock after selling 358,758 shares during the quarter. Aberdeen Group plc owned approximately 0.21% of Medtronic worth $227,055,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. EagleClaw Capital Managment LLC boosted its holdings in Medtronic by 5.2% during the 3rd quarter. EagleClaw Capital Managment LLC now owns 71,390 shares of the medical technology company's stock valued at $6,160,000 after acquiring an additional 3,545 shares during the period. Moors & Cabot Inc. increased its stake in Medtronic by 10.3% during the third quarter. Moors & Cabot Inc. now owns 68,621 shares of the medical technology company's stock worth $5,921,000 after purchasing an additional 6,388 shares during the period. Valmark Advisers Inc. lifted its position in shares of Medtronic by 2.1% during the third quarter. Valmark Advisers Inc. now owns 5,758 shares of the medical technology company's stock worth $497,000 after purchasing an additional 121 shares in the last quarter. Money Concepts Capital Corp boosted its stake in shares of Medtronic by 0.4% in the third quarter. Money Concepts Capital Corp now owns 55,424 shares of the medical technology company's stock valued at $4,783,000 after purchasing an additional 243 shares during the period. Finally, Allworth Financial LP boosted its stake in shares of Medtronic by 104.2% in the third quarter. Allworth Financial LP now owns 101,639 shares of the medical technology company's stock valued at $8,770,000 after purchasing an additional 51,864 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 50,000 shares of Medtronic stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $95.00, for a total value of $4,750,000.00. Following the completion of the transaction, the chief executive officer directly owned 277,866 shares in the company, valued at approximately $26,397,270. This trade represents a 15.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Harry Kiil sold 1,483 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $93.65, for a total value of $138,882.95. Following the completion of the sale, the executive vice president directly owned 42,186 shares of the company's stock, valued at approximately $3,950,718.90. This represents a 3.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 61,903 shares of company stock worth $5,889,203. Corporate insiders own 0.27% of the company's stock.

Medtronic Trading Up 1.8%

Shares of Medtronic stock opened at $102.84 on Friday. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The business's fifty day moving average is $93.72 and its two-hundred day moving average is $88.47. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. The firm has a market cap of $131.54 billion, a PE ratio of 17.66, a P/E/G ratio of 2.36 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.06. The company had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.55 billion. Medtronic had a return on equity of 14.78% and a net margin of 13.93%. The company's quarterly revenue was up 13.7% compared to the same quarter last year. During the same period last year, the business 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. Analysts anticipate that Medtronic PLC will post 5.98 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, September 25th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, September 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.8%. Medtronic's dividend payout ratio (DPR) is presently 70.94%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Wells Fargo & Company boosted their target price on Medtronic from $102.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 2nd. Barclays raised shares of Medtronic to a "hold" rating in a research report on Wednesday, October 7th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Sunday, November 8th. BTIG Research decreased their price objective on shares of Medtronic from $100.00 to $99.00 and set a "buy" rating for the company in a research report on Monday, October 12th. Finally, Truist Financial reiterated a "hold" rating and set a $99.00 target price (up from $86.00) on shares of Medtronic in a research note on Wednesday, September 2nd. Eighteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $102.88.

Medtronic Profile

Medtronic plc is a medical technology company that develops and manufactures devices and therapies for a range of health conditions. Its products include pacemakers and defibrillators, heart valves, surgical technologies, neurostimulation devices, and insulin pumps and other diabetes-management products. The company was founded in Minneapolis in 1949 by Earl Bakken and Palmer Hermundslie as a medical equipment repair business. It has since grown into a global company serving patients and health care providers in more than 150 countries.

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