Sumitomo Mitsui Trust Group Inc. Sells 138,554 Shares of Medtronic PLC $MDT

Key Points

• Sumitomo Mitsui Trust Group reduced its Medtronic stake by 4.4% in the first quarter, selling 138,554 shares and leaving it with 3,043,427 shares worth about $263.7 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, both slightly above analyst estimates. Revenue rose 9.9% year over year.
• The company also raised its dividend to $0.72 per share from $0.71, bringing the annualized payout to $2.88 and the yield to about 3.5%.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,043,427 shares of the medical technology company's stock after selling 138,554 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Medtronic worth $263,713,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MDT. Lodestone Wealth Management LLC purchased a new position in Medtronic during the 4th quarter valued at $27,000. Anfield Capital Management LLC increased its stake in 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. Monetary Solutions Ltd purchased a new stake in Medtronic in the fourth quarter worth $27,000. Board of the Pension Protection Fund bought a new stake in shares of Medtronic during the fourth quarter worth $29,000. Finally, GoalVest Advisory LLC bought a new stake in shares of Medtronic during the fourth quarter worth $29,000. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of MDT stock opened at $82.06 on Thursday. Medtronic PLC has a twelve month low of $73.31 and a twelve 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 fifty day simple moving average of $79.01 and a two-hundred day simple moving average of $88.67. The stock has a market capitalization of $105.04 billion, a price-to-earnings ratio of 22.00, a P/E/G ratio of 2.25 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly 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. The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is currently 77.21%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm's 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 transaction, the executive vice president owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Robert W. Baird cut their price target on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Weiss Ratings lowered shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Deutsche Bank Aktiengesellschaft dropped 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. Finally, Argus reduced their target price on shares of Medtronic from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 6th. Seventeen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $98.96.

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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