Strs Ohio Takes Position in Medtronic PLC $MDT

Key Points

• Strs Ohio acquired 935,533 shares of Medtronic PLC, valued at approximately $84 million, representing 0.07% of the company's stock after the first quarter of 2023.
• Medtronic reported an earnings per share of $1.26 for the last quarter, exceeding estimates and achieving a revenue of $8.58 billion, which was a 7.7% increase from the previous year.
• The company announced a quarterly dividend of $0.71 per share, with a yield of 3.1%, to be paid on October 17th, and its dividend payout ratio stands at 78.24%.

Strs Ohio acquired a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 935,533 shares of the medical technology company's stock, valued at approximately $84,067,000. Strs Ohio owned approximately 0.07% of Medtronic at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Boston Partners increased its position in shares of Medtronic by 122.8% during the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after purchasing an additional 3,809,450 shares during the period. Ameriprise Financial Inc. increased its position in shares of Medtronic by 28.8% during the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after purchasing an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Medtronic by 42.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock valued at $903,915,000 after purchasing an additional 3,017,849 shares during the period. Nuveen LLC acquired a new position in shares of Medtronic during the 1st quarter valued at $260,649,000. Finally, Burgundy Asset Management Ltd. acquired a new position in shares of Medtronic during the 4th quarter valued at $174,329,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

MDT opened at $92.38 on Thursday. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The stock has a fifty day moving average price of $91.27 and a 200 day moving average price of $88.23. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The stock has a market cap of $118.49 billion, a price-to-earnings ratio of 25.45, a PEG ratio of 2.39 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the company earned $1.23 earnings per share. The business's revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is 78.24%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Truist Financial lifted their price target on Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research report on Thursday, August 21st. William Blair raised Medtronic to a "hold" rating in a research note on Friday, July 11th. Citigroup raised their price objective on Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. Royal Bank Of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Robert W. Baird raised their price objective on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and an average price target of $102.14.

Insider Activity

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the transaction, the executive vice president directly owned 35,615 shares in the company, valued at $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William R. Jellison bought 2,500 shares of the business's stock in a transaction on Monday, August 25th. The shares were bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the acquisition, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. This represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.26% of the stock is owned by company insiders.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.

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