&PARTNERS Has $43.15 Million Holdings in Medtronic PLC $MDT

Key Points

• &PARTNERS increased its Medtronic stake by 13.1% in the fourth quarter, bringing its holdings to 449,087 shares valued at about $43.15 million.
• Medtronic also saw notable institutional activity from other major investors, with 82.06% of the stock owned by institutions overall. Several large firms boosted positions significantly, including Norges Bank and Capital Research Global Investors.
• The company recently reported better-than-expected quarterly results and raised its dividend to $0.72 per share, while analysts maintain an overall Moderate Buy rating with a consensus price target of $99.

&PARTNERS increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 13.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 449,087 shares of the medical technology company's stock after acquiring an additional 52,081 shares during the quarter. &PARTNERS's holdings in Medtronic were worth $43,153,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in MDT. Norges Bank acquired a new stake in shares of Medtronic during the 4th quarter worth $1,653,485,000. Capital Research Global Investors grew its holdings 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 worth $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Barclays PLC grew its holdings 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 worth $650,604,000 after purchasing an additional 3,492,192 shares in the last quarter. Schroder Investment Management Group grew its holdings 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 worth $717,143,000 after purchasing an additional 3,307,211 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in 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 buying an additional 2,658,981 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president owned 37,227 shares of the company's stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Leerink Partners reduced their price objective on Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $88.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Citigroup reduced their price objective on Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 7th. Piper Sandler reaffirmed a "neutral" rating and issued a $85.00 price objective on shares of Medtronic in a research note on Tuesday. Finally, Stifel Nicolaus set a $80.00 target price on Medtronic in a research report on Wednesday, June 3rd. Seventeen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $99.00.

Medtronic Price Performance

Shares of MDT opened at $81.36 on Wednesday. The business has a 50-day moving average of $80.62 and a 200-day moving average of $90.95. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a market capitalization of $104.45 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 2.16 and a beta of 0.58. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter last year, the firm posted $1.62 earnings per share. The firm's revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be paid a dividend of $0.72 per share. This is an increase from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic's payout ratio is 76.14%.

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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