Medtronic PLC $MDT Stock: Citizens Financial Group Inc. RI Increases Stake

Key Points

• Citizens Financial Group increased its Medtronic stake by 70.6% in the third quarter, bringing its holdings to 140,351 shares valued at approximately $12.1 million. Institutional investors collectively own 82.06% of MDT.
• Analysts maintain a generally favorable outlook, with 18 Buy ratings, nine Holds and one Sell; Medtronic has a consensus rating of “Moderate Buy” and an average price target of $102.88.
• Medtronic reported quarterly adjusted EPS of $1.45 and revenue of $9.76 billion, exceeding estimates, while maintaining a quarterly dividend of $0.72 per share, equivalent to a 3.0% yield.

Citizens Financial Group Inc. RI grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 70.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,351 shares of the medical technology company's stock after purchasing an additional 58,077 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Medtronic were worth $12,111,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MDT. BlackRock Inc. grew its position in Medtronic by 0.7% during the second quarter. BlackRock Inc. now owns 114,020,787 shares of the medical technology company's stock valued at $8,919,846,000 after buying an additional 838,220 shares during the period. State Street Corp increased its holdings in Medtronic by 2.7% during the second quarter. State Street Corp now owns 63,399,315 shares of the medical technology company's stock worth $5,005,320,000 after buying an additional 1,658,301 shares during the last quarter. Bank of America Corp DE raised its position in Medtronic by 5.4% in the first quarter. Bank of America Corp DE now owns 26,015,003 shares of the medical technology company's stock worth $2,254,200,000 after acquiring an additional 1,343,220 shares during the period. First Eagle Investment Management LLC raised its position in Medtronic by 37.2% in the second quarter. First Eagle Investment Management LLC now owns 13,783,983 shares of the medical technology company's stock worth $1,078,321,000 after acquiring an additional 3,739,288 shares during the period. Finally, WCM Investment Management LLC bought a new stake in Medtronic in the first quarter worth about $965,922,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Truist Financial reiterated a "hold" rating and issued a $99.00 target price (up from $86.00) on shares of Medtronic in a research note on Wednesday, September 2nd. Barclays upgraded shares of Medtronic to a "hold" rating in a research note on Wednesday, October 7th. UBS Group reaffirmed a "cautious" rating on shares of Medtronic in a report on Wednesday, October 14th. Weiss Ratings upgraded Medtronic from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, October 19th. Finally, Wells Fargo & Company upped their price objective on Medtronic from $102.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, September 2nd. Eighteen equities research 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's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $102.88.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 10,420 shares of the firm's stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $96.00, for a total value of $1,000,320.00. Following the completion of the transaction, the executive vice president directly owned 105,916 shares of the company's stock, valued at approximately $10,167,936. This trade represents a 8.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Harry Kiil sold 1,483 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $93.65, for a total transaction of $138,882.95. Following the completion of the transaction, the executive vice president directly owned 42,186 shares of the company's stock, valued at approximately $3,950,718.90. This trade represents a 3.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 61,903 shares of company stock worth $5,889,203. 0.27% of the stock is owned by corporate insiders.

Medtronic Trading Down 1.1%

Shares of Medtronic stock opened at $95.48 on Friday. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The stock's 50-day simple moving average is $91.43 and its 200 day simple moving average is $85.30. The stock has a market capitalization of $122.13 billion, a P/E ratio of 23.52, a P/E/G ratio of 2.23 and a beta of 0.55. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 2.07.

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, beating the consensus estimate of $1.39 by $0.06. The business had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The company's revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 earnings per share. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. As a group, research analysts anticipate that Medtronic PLC will post 5.98 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, September 25th. Medtronic's dividend payout ratio is presently 70.94%.

Medtronic Profile

Medtronic plc NYSE: MDT is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.

The company's offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.

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