Oregon Public Employees Retirement Fund Boosts Stock Position in Medtronic PLC $MDT

Key Points

• Oregon Public Employees Retirement Fund increased its Medtronic position by 7.6% in the second quarter, adding 11,167 shares to hold 157,862 shares valued at approximately $12.35 million.
• Institutional investors own 82.06% of Medtronic, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $98.83.
• Medtronic reported quarterly revenue of $9.81 billion and adjusted earnings of $1.55 per share, while raising its quarterly dividend to $0.72 per share, representing a 3.2% annualized yield.

Oregon Public Employees Retirement Fund increased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 7.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,862 shares of the medical technology company's stock after purchasing an additional 11,167 shares during the quarter. Oregon Public Employees Retirement Fund's holdings in Medtronic were worth $12,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MDT. Norges Bank bought a new position in Medtronic during the 4th quarter valued at approximately $1,653,485,000. WCM Investment Management LLC bought a new stake in shares of Medtronic in the 1st quarter worth approximately $965,922,000. Capital Research Global Investors grew its position in shares of Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock worth $3,321,101,000 after buying an additional 3,880,174 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Medtronic by 35.3% during 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 buying an additional 2,658,981 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company's stock valued at $12,388,027,000 after buying an additional 1,888,381 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MDT. Royal Bank Of Canada reiterated an "outperform" rating and issued a $118.00 price target on shares of Medtronic in a report on Thursday, June 4th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Stifel Nicolaus set a $80.00 target price on shares of Medtronic in a research report on Wednesday, June 3rd. Truist Financial reduced their price target on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. Finally, Wells Fargo & Company decreased their price target on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a research note on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.83.

Medtronic Price Performance

MDT opened at $91.10 on Friday. The stock has a fifty day simple moving average of $83.20 and a two-hundred day simple moving average of $86.36. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The company has a market cap of $116.62 billion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 2.43 and a beta of 0.55. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the firm posted $1.62 earnings per share. The company's revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.72 per share. This is an increase from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. Medtronic's dividend payout ratio is 77.21%.

About Medtronic

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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