Strs Ohio Has $45.20 Million Position in Medtronic PLC $MDT

Key Points

• Strs Ohio trimmed its Medtronic stake by 4.2% in the first quarter, but still held 521,668 shares valued at about $45.2 million at the end of the period.
• Medtronic reported solid quarterly results, posting $1.55 EPS versus $1.54 expected and revenue of $9.81 billion, with revenue up 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, and analysts currently rate the stock a Moderate Buy with a consensus price target of $99.00.

Strs Ohio lessened its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 521,668 shares of the medical technology company's stock after selling 22,937 shares during the quarter. Strs Ohio's holdings in Medtronic were worth $45,203,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Boston Trust Walden Corp lifted its stake in shares of Medtronic by 8.2% in the 1st quarter. Boston Trust Walden Corp now owns 23,355 shares of the medical technology company's stock valued at $2,024,000 after purchasing an additional 1,779 shares during the last quarter. Keybank National Association OH increased its position in Medtronic by 35.1% during the first quarter. Keybank National Association OH now owns 484,132 shares of the medical technology company's stock worth $41,950,000 after buying an additional 125,902 shares during the last quarter. Seamount Financial Group Inc. increased its position in Medtronic by 5.7% during the first quarter. Seamount Financial Group Inc. now owns 4,622 shares of the medical technology company's stock worth $400,000 after buying an additional 250 shares during the last quarter. Physician Wealth Advisors Inc. raised its holdings in Medtronic by 76.0% during the first quarter. Physician Wealth Advisors Inc. now owns 3,798 shares of the medical technology company's stock valued at $329,000 after buying an additional 1,640 shares in the last quarter. Finally, Randolph Co Inc raised its holdings in Medtronic by 4.8% during the first quarter. Randolph Co Inc now owns 309,011 shares of the medical technology company's stock valued at $26,776,000 after buying an additional 14,183 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related 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 value of $336,963.16. Following the completion of the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on MDT. Stifel Nicolaus set a $80.00 price target on Medtronic in a research note on Wednesday, June 3rd. Argus reduced their target price on Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 6th. Piper Sandler reaffirmed a "neutral" rating and set a $85.00 target price on shares of Medtronic in a research report on Tuesday, June 16th. Jefferies Financial Group reiterated a "hold" rating and set a $88.00 price target on shares of Medtronic in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $99.00.

Medtronic Trading Up 4.9%

Shares of NYSE:MDT opened at $83.07 on Friday. 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 stock's 50-day moving average is $79.04 and its 200-day moving average is $89.11. The company has a market cap of $106.33 billion, a P/E ratio of 22.27, a P/E/G ratio of 2.12 and a beta of 0.56. 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 posted 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 business had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the previous year, the firm earned $1.62 EPS. The firm'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. Equities research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.72 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.5%. Medtronic's payout ratio is currently 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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