Principal Financial Group Inc. Has $206.22 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Principal Financial Group boosted its Medtronic stake by 38.4% in the first quarter, adding 659,727 shares to bring its total holding to 2,379,934 shares worth about $206.2 million.
• Wall Street sentiment on Medtronic remains mixed but positive overall: analysts rate the stock a Moderate Buy on average, with a consensus price target of $98.21.
• Medtronic recently reported quarterly earnings and revenue that beat expectations, and the company also raised its quarterly dividend to $0.72 per share, implying a 3.6% annualized yield.

Principal Financial Group Inc. increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 38.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,379,934 shares of the medical technology company's stock after buying an additional 659,727 shares during the quarter. Principal Financial Group Inc. owned 0.19% of Medtronic worth $206,221,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Madison Asset Management LLC boosted its position in Medtronic by 15.0% during the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock valued at $18,752,000 after purchasing an additional 25,527 shares during the last quarter. Ticino Wealth acquired a new position in Medtronic in the 4th quarter worth about $2,049,000. First Eagle Investment Management LLC increased its position in Medtronic by 0.4% in the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock worth $939,009,000 after purchasing an additional 40,196 shares during the last quarter. KBC Group NV raised its stake in shares of Medtronic by 5.2% during the 4th quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock worth $41,354,000 after purchasing an additional 21,384 shares in the last quarter. Finally, Kimelman & Baird LLC lifted its holdings in shares of Medtronic by 21.6% during the 3rd quarter. Kimelman & Baird LLC now owns 168,969 shares of the medical technology company's stock valued at $16,093,000 after buying an additional 29,978 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on MDT. Barclays boosted their price target on Medtronic from $118.00 to $120.00 and gave the company an "overweight" rating in a research note on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a research note on Thursday, June 4th. Truist Financial decreased their target price on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. Evercore set a $105.00 price target on shares of Medtronic in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. cut their price target on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $98.21.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction on 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 owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.26% of the company's stock.

Medtronic Stock Down 5.1%

MDT opened at $79.30 on Wednesday. The firm has a market cap of $101.51 billion, a P/E ratio of 21.26, a price-to-earnings-growth ratio of 2.24 and a beta of 0.56. 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 business has a 50 day moving average price of $79.19 and a 200 day moving average price of $88.24. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33.

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

Medtronic Increases Dividend

The company 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 $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, June 26th. This is a boost from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is 77.21%.

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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