Pictet Asset Management Holding SA Sells 83,154 Shares of Medtronic PLC $MDT

Pictet Asset Management Holding SA lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 6.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,147,659 shares of the medical technology company's stock after selling 83,154 shares during the period. Pictet Asset Management Holding SA owned approximately 0.09% of Medtronic worth $89,794,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Anfield Capital Management LLC increased its holdings in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after buying an additional 230 shares during the last quarter. Monetary Solutions Ltd purchased a new position in shares of Medtronic during the 4th quarter worth $27,000. Acumen Wealth Advisors LLC bought a new stake in shares of Medtronic during the 4th quarter valued at $29,000. Imprint Wealth LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at $31,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Medtronic in the 4th quarter worth $32,000. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MDT. Rothschild & Co Redburn lowered their target price on Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research report on Friday, June 5th. Sanford C. Bernstein reduced their price target on Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $118.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Finally, Stifel Nicolaus set a $80.00 price objective on Medtronic in a research note on Wednesday, June 3rd. Eighteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

Medtronic Trading Up 0.6%

Shares of Medtronic stock opened at $91.10 on Friday. The company has a market capitalization of $116.62 billion, a P/E ratio of 24.42, a P/E/G ratio of 2.45 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The company has a fifty day moving average of $83.20 and a 200 day moving average of $86.36. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.Medtronic's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a dividend of $0.72 per share. This is a boost 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 annualized dividend and a yield of 3.2%. Medtronic's dividend payout ratio is 77.21%.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 sale, the executive vice president owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.26% of the company's stock.

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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