Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in Medtronic PLC $MDT

Key Points

• Sumitomo Mitsui Trust Group increased its Medtronic stake by 8.1% in the second quarter, adding 247,756 shares to own 3.29 million shares valued at approximately $257.5 million. Institutional investors collectively hold 82.06% of the company.
• Analysts maintain a generally positive outlook, with 18 Buy ratings and nine Holds producing a consensus “Moderate Buy” rating and an average price target of $98.83. However, several firms recently lowered their price targets.
• Medtronic exceeded quarterly earnings and revenue expectations, reporting $1.55 in EPS and $9.81 billion in revenue, while revenue grew 9.9% year over year. The company also raised its quarterly dividend to $0.72, representing a 3.2% annualized yield.

Sumitomo Mitsui Trust Group Inc. boosted its position in Medtronic PLC (NYSE:MDT - Free Report) by 8.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,291,183 shares of the medical technology company's stock after purchasing an additional 247,756 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Medtronic worth $257,469,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MDT. Anfield Capital Management LLC boosted its holdings in shares of Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after buying an additional 230 shares in the last quarter. Monetary Solutions Ltd bought a new position in shares of Medtronic in the 4th quarter worth about $27,000. Acumen Wealth Advisors LLC bought a new position in shares of Medtronic in the 4th quarter worth about $29,000. Imprint Wealth LLC purchased a new position in Medtronic during the 3rd quarter valued at about $31,000. Finally, Basepoint Wealth LLC purchased a new position in Medtronic during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MDT shares. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. TD Cowen dropped their price target on Medtronic from $119.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Wells Fargo & Company cut their price target on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. Finally, The Goldman Sachs Group reduced their price objective on Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and an average price target of $98.83.

Medtronic Price Performance

Shares of NYSE MDT opened at $91.10 on Friday. The firm has a market cap of $116.62 billion, a P/E ratio of 24.42, a PEG ratio of 2.43 and a beta of 0.55. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The company has a 50 day moving average of $83.20 and a 200 day moving average of $86.36.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $9.62 billion. During the same period last year, the business posted $1.62 EPS. The company'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. As a group, research analysts expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is 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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