Sei Investments Co. Acquires 200,352 Shares of Medtronic PLC $MDT

Key Points

• Sei Investments Co. boosted its Medtronic stake by 19.2% in the first quarter, buying 200,352 additional shares and bringing its total holding to 1,244,868 shares worth about $107.9 million.
• Several analysts trimmed price targets on Medtronic, though the stock still carries a Moderate Buy consensus with 17 Buy ratings and 10 Hold ratings and an average target price of $98.21.
• Medtronic reported quarterly earnings and revenue that both beat expectations, and it also raised its quarterly dividend to $0.72 per share, implying a 3.5% annualized yield.

Sei Investments Co. increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 19.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,244,868 shares of the medical technology company's stock after purchasing an additional 200,352 shares during the quarter. Sei Investments Co. owned approximately 0.10% of Medtronic worth $107,872,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Madison Asset Management LLC increased its position in Medtronic by 15.0% in the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after buying an additional 25,527 shares in the last quarter. Ticino Wealth bought a new position in shares of Medtronic in the fourth quarter worth about $2,049,000. First Eagle Investment Management LLC lifted its position in shares of Medtronic by 0.4% during the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock valued at $939,009,000 after buying an additional 40,196 shares in the last quarter. KBC Group NV lifted its position 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 valued at $41,354,000 after buying an additional 21,384 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Medtronic by 12.7% during the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock valued at $75,988,000 after acquiring an additional 89,111 shares during the period. Institutional investors own 82.06% of the company's stock.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction 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 in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.26% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a research note on Thursday, June 4th. Wells Fargo & Company dropped their price target on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a research report on Thursday, June 4th. UBS Group reduced their price objective on shares of Medtronic from $90.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Piper Sandler restated a "neutral" rating and set a $85.00 price objective on shares of Medtronic in a research report on Tuesday, June 16th. Finally, Rothschild & Co Redburn decreased their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research report on Friday, June 5th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $98.21.

Medtronic Trading Up 0.4%

MDT opened at $82.19 on Friday. The firm has a market cap of $105.20 billion, a P/E ratio of 22.03, a P/E/G ratio of 2.20 and a beta of 0.56. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average of $80.01 and a 200 day moving average of $87.55.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share 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 earnings per share. The firm's revenue for the quarter 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 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is presently 77.21%.

Medtronic 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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