State of Wisconsin Investment Board Sells 32,252 Shares of Medtronic PLC $MDT

Key Points

• State of Wisconsin Investment Board trimmed its Medtronic stake by 4.6% in the fourth quarter, selling 32,252 shares and leaving it with 673,986 shares worth about $64.7 million.
• Medtronic reported 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 analysts currently rate the stock a consensus “Moderate Buy” with an average target price of $99.

State of Wisconsin Investment Board lowered its position in Medtronic PLC (NYSE:MDT - Free Report) by 4.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 673,986 shares of the medical technology company's stock after selling 32,252 shares during the quarter. State of Wisconsin Investment Board owned about 0.05% of Medtronic worth $64,743,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MDT. Lodestone Wealth Management LLC bought a new position in shares of Medtronic in the fourth quarter worth $27,000. Anfield Capital Management LLC increased its holdings in shares of Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after purchasing an additional 230 shares during the period. Board of the Pension Protection Fund bought a new position in shares of Medtronic in the fourth quarter worth $29,000. GoalVest Advisory LLC bought a new position in shares of Medtronic in the fourth quarter worth $29,000. Finally, Acumen Wealth Advisors LLC bought a new position in shares of Medtronic in the fourth quarter worth $29,000. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Medtronic stock opened at $81.36 on Wednesday. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average of $80.62 and a 200-day moving average of $90.95. The firm has a market cap of $104.45 billion, a P/E ratio of 21.81, a P/E/G ratio of 2.16 and a beta of 0.58. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. Medtronic's revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts expect 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. Stockholders of record on Friday, June 26th will be issued a dividend of $0.72 per share. 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 3.5%. The ex-dividend date is Friday, June 26th. Medtronic's dividend payout ratio (DPR) is currently 76.14%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MDT. Royal Bank Of Canada reissued an "outperform" rating and issued a $118.00 target price on shares of Medtronic in a research note on Thursday, June 4th. The Goldman Sachs Group reduced their target price on Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Citigroup reduced their target price on Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 7th. Needham & Company LLC reduced their target price on Medtronic from $120.00 to $101.00 and set a "buy" rating on the stock in a research note on Wednesday, June 3rd. Finally, Wells Fargo & Company reduced their target price on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and an average target price of $99.00.

Insider Buying and Selling at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

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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