MML Investors Services LLC Buys 42,584 Shares of Medtronic PLC $MDT

Key Points

• MML Investors Services LLC increased its Medtronic stake by 12.6% in the fourth quarter, buying 42,584 additional shares and bringing its total to 381,184 shares worth about $36.6 million.
• Medtronic reported solid quarterly results, with EPS of $1.55 and revenue of $9.81 billion, both slightly ahead of analyst expectations. Revenue also rose 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, equal to an annualized yield of 3.6%, while analysts currently rate the stock a “Moderate Buy” with an average price target of $99.00.

MML Investors Services LLC grew its stake in Medtronic PLC (NYSE:MDT - Free Report) by 12.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 381,184 shares of the medical technology company's stock after purchasing an additional 42,584 shares during the quarter. MML Investors Services LLC's holdings in Medtronic were worth $36,617,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MDT. Norges Bank bought a new position in shares of Medtronic in the fourth quarter valued at about $1,653,485,000. Capital Research Global Investors raised its position in shares of Medtronic by 12.6% in the fourth 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 purchasing an additional 3,880,174 shares during the period. Barclays PLC raised its position in shares of Medtronic by 104.6% in the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company's stock valued at $650,604,000 after purchasing an additional 3,492,192 shares during the period. Schroder Investment Management Group raised its position in shares of Medtronic by 78.3% in the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company's stock valued at $717,143,000 after purchasing an additional 3,307,211 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Medtronic by 35.3% in the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock valued at $970,456,000 after purchasing an additional 2,658,981 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Up 0.2%

MDT stock opened at $80.37 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The company's 50-day simple moving average is $80.73 and its 200 day simple moving average is $91.12. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a market capitalization of $103.19 billion, a PE ratio of 21.55, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. Medtronic's revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.62 earnings per share. 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 year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 annualized dividend and a yield of 3.6%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is 76.14%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction dated 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 $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on MDT shares. Weiss Ratings downgraded shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 21st. The Goldman Sachs Group decreased their price target on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Argus decreased their price target on shares of Medtronic from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Robert W. Baird decreased their price target on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Finally, Rothschild & Co Redburn decreased their price target on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research note on Friday, June 5th. Seventeen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average target price of $99.00.

Medtronic Company 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).

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