Polen Capital Management LLC Lowers Holdings in Medtronic PLC $MDT

Key Points

• Polen Capital Management cut its Medtronic stake by 32.4% in the fourth quarter, selling 40,456 shares and leaving it with 84,500 shares valued at about $8.1 million.
• Medtronic recently reported better-than-expected quarterly results, with EPS of $1.55 topping estimates and revenue of $9.81 billion, up 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, while analysts currently view the stock as a Moderate Buy with a consensus price target of $99.00.

Polen Capital Management LLC lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 32.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 84,500 shares of the medical technology company's stock after selling 40,456 shares during the period. Polen Capital Management LLC's holdings in Medtronic were worth $8,117,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in 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 acquiring an additional 1,888,381 shares in the last quarter. State Street Corp boosted its position in Medtronic by 1.0% in the 3rd quarter. State Street Corp now owns 60,460,537 shares of the medical technology company's stock worth $5,800,550,000 after purchasing an additional 625,992 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Medtronic by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company's stock worth $5,150,420,000 after purchasing an additional 1,419,730 shares during the period. Capital Research Global Investors increased 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 valued at $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Medtronic by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company's stock valued at $2,665,832,000 after purchasing an additional 231,919 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

NYSE:MDT opened at $80.28 on Friday. 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 stock has a market capitalization of $103.07 billion, a PE ratio of 21.52, a P/E/G ratio of 1.95 and a beta of 0.58. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The company has a fifty day moving average of $80.97 and a two-hundred day moving average of $91.46.

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 analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The business had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the previous year, the company earned $1.62 earnings per share. The company's quarterly 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, research analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal 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 dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic's payout ratio is currently 76.14%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a report on Wednesday, June 3rd. UBS Group cut their price objective on shares of Medtronic from $90.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Evercore set a $106.00 target price on shares of Medtronic and gave the stock an "outperform" rating in a research note on Thursday, April 9th. Rothschild & Co Redburn dropped 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. Finally, Sanford C. Bernstein cut their price target on Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

Insider Activity at Medtronic

In other 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 value of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares in the company, 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 legal filing with the SEC, which is available through this link. 0.26% of the stock is owned by insiders.

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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