Pzena Investment Management LLC Reduces Stock Position in Medtronic PLC $MDT

Key Points

• Pzena Investment Management cut its Medtronic stake by 1.9% in the first quarter, though it still held about 3.16 million shares valued at roughly $273.6 million. Institutional investors still own a large majority of the company, at 82.06%.
• Analyst sentiment remains mixed but generally positive: Medtronic has a consensus rating of Moderate Buy with an average price target of $99.00. Several firms reiterated bullish ratings, while JPMorgan and Sanford C. Bernstein lowered their targets.
• Medtronic reported quarterly EPS of $1.55 and revenue of $9.81 billion, both slightly ahead of estimates, and it raised its quarterly dividend to $0.72 per share. The stock was also trading near $79, well below its 52-week high of $106.33.

Pzena Investment Management LLC trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,157,015 shares of the medical technology company's stock after selling 61,837 shares during the quarter. Pzena Investment Management LLC owned about 0.25% of Medtronic worth $273,555,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Lodestone Wealth Management LLC acquired a new position in Medtronic in the 4th quarter worth approximately $27,000. Anfield Capital Management LLC lifted its stake in Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 230 shares during the period. Monetary Solutions Ltd purchased a new stake in shares of Medtronic in the 4th quarter valued at $27,000. Board of the Pension Protection Fund purchased a new stake in shares of Medtronic in the 4th quarter valued at $29,000. Finally, GoalVest Advisory LLC acquired a new stake in shares of Medtronic in the fourth quarter worth $29,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MDT. Needham & Company LLC reissued a "buy" rating and set a $101.00 target price on shares of Medtronic in a report on Wednesday, June 17th. JPMorgan Chase & Co. cut their price target on Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Evercore set a $106.00 price objective on Medtronic and gave the company an "outperform" rating in a research note on Thursday, April 9th. TD Cowen reissued a "buy" rating and issued a $119.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Finally, Sanford C. Bernstein lowered their target price on Medtronic from $112.00 to $97.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $99.00.

Insider Activity at Medtronic

In other Medtronic 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 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.26% of the company's stock.

Medtronic Stock Up 1.4%

MDT opened at $79.32 on Thursday. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $79.02 and a 200 day moving average price of $89.23. The company has a market cap of $101.53 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $9.62 billion. During the same period in the previous year, the firm posted $1.62 EPS. Medtronic's revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a $0.72 dividend. This is a boost 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%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic's dividend payout ratio is presently 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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