SEB Asset Management AB Acquires New Shares in Medtronic PLC $MDT

Key Points

• SEB Asset Management AB initiated a new position in Medtronic during the first quarter, buying 419,352 shares valued at about $36.3 million.
• Medtronic recently posted better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, while revenue rose 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, and Wall Street currently holds a Moderate Buy consensus on MDT with a price target of $98.21.

SEB Asset Management AB acquired a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 419,352 shares of the medical technology company's stock, valued at approximately $36,337,000.

Other large investors have also recently added to or reduced their stakes in the company. Monetary Solutions Ltd acquired a new position in shares of Medtronic during the fourth quarter valued at $27,000. Lodestone Wealth Management LLC bought a new position in shares of Medtronic during the fourth quarter worth about $27,000. Anfield Capital Management LLC increased its holdings in shares of Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after acquiring an additional 230 shares during the period. Acumen Wealth Advisors LLC acquired a new stake in shares of Medtronic in the 4th quarter worth about $29,000. Finally, Imprint Wealth LLC bought a new stake in Medtronic in the 3rd quarter valued at about $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company'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 completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This 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 this hyperlink. 0.26% of the stock is currently owned by insiders.

Medtronic Stock Performance

Shares of MDT opened at $83.20 on Monday. The firm has a 50-day moving average price of $79.50 and a 200 day moving average price of $87.94. The firm has a market capitalization of $106.50 billion, a PE ratio of 22.30, a P/E/G ratio of 2.23 and a beta of 0.56. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly 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. The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. Medtronic's revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned $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 company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.5%. Medtronic's dividend payout ratio is presently 77.21%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Piper Sandler reissued a "neutral" rating and set a $85.00 target price on shares of Medtronic in a research note on Tuesday, June 16th. Wells Fargo & Company dropped their price target on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Sanford C. Bernstein cut their price target on Medtronic from $112.00 to $97.00 and set an "outperform" rating on the stock in a report on Thursday, June 4th. Needham & Company LLC reiterated a "buy" rating and set a $101.00 price objective on shares of Medtronic in a research report on Wednesday, June 17th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Medtronic from $100.00 to $78.00 and set a "hold" rating for the company 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.21.

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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