Swiss National Bank Has $326.01 Million Stake in Medtronic PLC $MDT

Key Points

• Swiss National Bank increased its Medtronic stake by 7.0% in the first quarter, ending with 3.76 million shares worth about $326.0 million.
• Medtronic reported quarterly earnings of $1.55 per share, slightly ahead of estimates, and revenue of $9.81 billion, up 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, implying an annualized yield of about 3.5%, while Wall Street analysts currently rate the stock a Moderate Buy.

Swiss National Bank grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 3,762,366 shares of the medical technology company's stock after acquiring an additional 247,400 shares during the quarter. Swiss National Bank owned about 0.29% of Medtronic worth $326,009,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MDT. Madison Asset Management LLC lifted its position in shares of Medtronic by 15.0% during the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after buying an additional 25,527 shares during the last quarter. Ticino Wealth acquired a new position in Medtronic during the fourth quarter worth about $2,049,000. First Eagle Investment Management LLC raised its stake in Medtronic by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock worth $939,009,000 after acquiring an additional 40,196 shares in the last quarter. KBC Group NV lifted its holdings in shares of Medtronic by 5.2% in the fourth quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock worth $41,354,000 after acquiring an additional 21,384 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Medtronic by 12.7% in the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock valued at $75,988,000 after purchasing an additional 89,111 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Down 0.4%

Shares of MDT stock opened at $83.20 on Friday. Medtronic PLC has a 1-year low of $73.31 and a 1-year 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 market cap of $106.50 billion, a price-to-earnings ratio of 22.30, a PEG ratio of 2.23 and a beta of 0.56. The stock has a 50-day moving average of $79.50 and a 200-day moving average of $87.99.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the prior year, the firm posted $1.62 EPS. The company's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were issued a $0.72 dividend. The ex-dividend date was Friday, June 26th. 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 yield of 3.5%. Medtronic's dividend payout ratio is presently 77.21%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MDT. TD Cowen lowered their price objective on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 10th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday. The Goldman Sachs Group reduced their price objective on Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $118.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Finally, Rothschild & Co Redburn cut their target price on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research report on Friday, June 5th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $98.21.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company 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).

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.