The Manufacturers Life Insurance Company Raises Position in Medtronic PLC $MDT

Key Points

• The Manufacturers Life Insurance Company increased its Medtronic stake by 1.2%, purchasing 63,296 additional shares and bringing its holdings to 5.41 million shares valued at approximately $469.1 million. Institutional investors collectively own 82.06% of MDT.
• Medtronic exceeded quarterly expectations, reporting $1.55 in EPS and $9.81 billion in revenue, with revenue up 9.9% year over year. The company also raised its quarterly dividend to $0.72, equivalent to a 3.4% annual yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $98.21, compared with shares trading near $84.29. Price targets range from $78 to $120, reflecting mixed views on the stock’s outlook.

The Manufacturers Life Insurance Company boosted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,413,353 shares of the medical technology company's stock after purchasing an additional 63,296 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.42% of Medtronic worth $469,065,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Lodestone Wealth Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $27,000. Anfield Capital Management LLC grew its position in Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after acquiring an additional 230 shares during the last quarter. Monetary Solutions Ltd purchased a new position in Medtronic in the 4th quarter worth approximately $27,000. Acumen Wealth Advisors LLC purchased a new position in Medtronic in the 4th quarter worth approximately $29,000. Finally, Imprint Wealth LLC bought a new stake in Medtronic in the third quarter valued at approximately $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $84.29 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The firm has a market capitalization of $107.90 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56. The company has a 50-day simple moving average of $80.29 and a two-hundred day simple moving average of $87.34.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The business had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, analysts anticipate that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is currently 77.21%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MDT shares. Stifel Nicolaus set a $80.00 price objective on Medtronic in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a report on Thursday, June 4th. BTIG Research reissued a "buy" rating and set a $91.00 price target on shares of Medtronic in a research report on Monday, July 13th. Citigroup cut their price target on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. Finally, Barclays boosted their price objective on shares of Medtronic from $118.00 to $120.00 and gave the company an "overweight" rating in a research report on Wednesday, April 1st. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $98.21.

Insiders Place Their Bets

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

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).

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