Medtronic PLC $MDT Stock Position Increased by USS Investment Management Ltd

Key Points

• USS Investment Management increased its Medtronic stake by 7.1% in the fourth quarter, adding 151,461 shares and bringing its total to 2,275,873 shares worth about $218.7 million.
• Medtronic reported fiscal fourth-quarter earnings and revenue that both beat analyst expectations, with EPS of $1.55 and revenue of $9.81 billion, and it also raised its quarterly dividend to $0.72 per share.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $99, though several firms recently trimmed their targets.

USS Investment Management Ltd lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 7.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,275,873 shares of the medical technology company's stock after buying an additional 151,461 shares during the period. Medtronic makes up 1.1% of USS Investment Management Ltd's holdings, making the stock its 18th largest position. USS Investment Management Ltd owned about 0.18% of Medtronic worth $218,666,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of MDT. Norges Bank acquired a new stake in shares of Medtronic during the 4th quarter valued at $1,653,485,000. Capital Research Global Investors lifted its position in shares of Medtronic by 12.6% during the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock valued at $3,321,101,000 after acquiring an additional 3,880,174 shares during the last quarter. Barclays PLC lifted its position in shares of Medtronic by 104.6% during the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company's stock valued at $650,604,000 after acquiring an additional 3,492,192 shares during the last quarter. Schroder Investment Management Group lifted its position in shares of Medtronic by 78.3% during the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company's stock valued at $717,143,000 after acquiring an additional 3,307,211 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock valued at $970,456,000 after acquiring an additional 2,658,981 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Insider Buying and Selling at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company's 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 directly owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.26% of the company's stock.

Medtronic Trading Down 0.1%

NYSE MDT opened at $80.11 on Monday. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $102.85 billion, a PE ratio of 21.48, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58. The firm's fifty day simple moving average is $80.85 and its 200-day simple moving average is $91.29.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the prior year, the business posted $1.62 earnings per share. Medtronic's revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Friday, June 26th. Medtronic's dividend payout ratio (DPR) is currently 76.14%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. BTIG Research upgraded Medtronic from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a research report on Wednesday, June 3rd. Weiss Ratings downgraded Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Wells Fargo & Company cut their price objective on Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a research report on Thursday, June 4th. Leerink Partners cut their price objective on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Finally, Rothschild & Co Redburn cut their price objective on Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a research report on Friday, June 5th. Seventeen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

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).

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.