American Century Companies Inc. Has $668.42 Million Stake in Medtronic PLC $MDT

Key Points

• American Century Companies Inc. reduced its stake in Medtronic PLC by 20.6% during the first quarter, selling nearly 1.94 million shares, leaving them with approximately 7.44 million shares.
• Medtronic reported a 3.9% year-over-year revenue increase in its last quarterly earnings, with earnings per share of $1.62, surpassing estimates.
• The company recently declared a quarterly dividend of $0.71 per share, up from $0.70, representing an annualized dividend yield of 3.1%.

American Century Companies Inc. cut its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 20.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,438,452 shares of the medical technology company's stock after selling 1,935,154 shares during the period. Medtronic accounts for 0.4% of American Century Companies Inc.'s portfolio, making the stock its 27th largest holding. American Century Companies Inc. owned 0.58% of Medtronic worth $668,419,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Burkett Financial Services LLC raised its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the period. Wood Tarver Financial Group LLC purchased a new position in Medtronic during the 4th quarter valued at approximately $27,000. Columbia River Financial Group LLC purchased a new position in Medtronic during the 1st quarter valued at approximately $28,000. Optiver Holding B.V. purchased a new position in Medtronic during the 4th quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC purchased a new position in Medtronic during the 1st quarter valued at approximately $32,000. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MDT shares. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Leerink Partners began coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price for the company. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Price Performance

NYSE:MDT traded down $2.8940 during trading hours on Tuesday, reaching $89.9160. 19,166,981 shares of the company's stock were exchanged, compared to its average volume of 7,725,312. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $115.26 billion, a P/E ratio of 24.84, a price-to-earnings-growth ratio of 2.42 and a beta of 0.80. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The business's 50-day simple moving average is $89.43 and its two-hundred day simple moving average is $87.97.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same period in the previous year, the company posted $1.23 EPS. Medtronic's revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio is 78.45%.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.