Medtronic PLC $MDT Stock Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Medtronic stake by 38.4% in the third quarter, selling 440,337 shares and retaining 707,322 shares valued at about $61 million.
• Medtronic insiders sold 61,903 shares worth approximately $5.9 million during the last quarter; institutional investors own 82.06% of the company.
• Medtronic beat quarterly earnings and revenue estimates, with revenue up 13.7% year over year. Analysts’ consensus rating is Moderate Buy, with an average price target of $102.88.

Pictet Asset Management Holding SA trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 38.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 707,322 shares of the medical technology company's stock after selling 440,337 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of Medtronic worth $61,036,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Leelyn Smith LLC boosted its stake in shares of Medtronic by 3.9% during the third quarter. Leelyn Smith LLC now owns 36,205 shares of the medical technology company's stock valued at $3,124,000 after purchasing an additional 1,356 shares during the period. Palisade Asset Management LLC increased its stake in Medtronic by 7.7% in the 3rd quarter. Palisade Asset Management LLC now owns 56,794 shares of the medical technology company's stock worth $4,901,000 after buying an additional 4,050 shares during the period. Parallel Advisors LLC increased its stake in Medtronic by 5.2% in the 3rd quarter. Parallel Advisors LLC now owns 20,900 shares of the medical technology company's stock worth $1,803,000 after buying an additional 1,032 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co lifted its holdings in Medtronic by 6.7% during the 3rd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 51,209 shares of the medical technology company's stock valued at $4,419,000 after buying an additional 3,214 shares in the last quarter. Finally, Guidance Capital Inc. lifted its holdings in Medtronic by 2.1% during the 3rd quarter. Guidance Capital Inc. now owns 13,700 shares of the medical technology company's stock valued at $1,182,000 after buying an additional 280 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Transactions at Medtronic

In related news, CEO Geoffrey Martha sold 50,000 shares of Medtronic stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $95.00, for a total transaction of $4,750,000.00. Following the transaction, the chief executive officer directly owned 277,866 shares of the company's stock, valued at $26,397,270. This trade represents a 15.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 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 $3,950,718.90. This trade represents a 3.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 61,903 shares of company stock valued at $5,889,203. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on MDT shares. Needham & Company LLC reissued a "buy" rating on shares of Medtronic in a research report on Thursday, September 17th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $92.00 target price on shares of Medtronic in a research report on Thursday, September 3rd. Robert W. Baird lifted their price target on shares of Medtronic from $91.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday, September 2nd. Barclays raised shares of Medtronic to a "hold" rating in a research note on Wednesday, October 7th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $118.00 price target on shares of Medtronic in a report on Wednesday, September 2nd. Eighteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $102.88.

Medtronic Stock Performance

MDT stock opened at $102.73 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.07 and a quick ratio of 1.54. The business has a 50-day moving average price of $92.93 and a 200 day moving average price of $88.46. The company has a market capitalization of $131.41 billion, a P/E ratio of 25.30, a PEG ratio of 2.46 and a beta of 0.56. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.06. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The company had revenue of $9.76 billion during the quarter, compared to analyst estimates of $9.55 billion. During the same period in the prior year, the firm earned $1.26 earnings per share. The firm's revenue for the quarter was up 13.7% compared to the same quarter last year. 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, equities research analysts forecast that Medtronic PLC will post 5.98 EPS for the current fiscal year.

Medtronic Dividend Announcement

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

Medtronic Company 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.

Medtronic is headquartered in Dublin, Ireland, and maintains significant operations in Minnesota, where the company was founded.

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