Thematics Asset Management Cuts Stock Position in Medtronic PLC $MDT

Key Points

• Thematics Asset Management reduced its stake in Medtronic PLC by 15.7%, selling 36,878 shares and holding 198,197 shares valued at $17.81 million by the end of the first quarter.
• Medtronic reported a net income of $1.26 EPS for the last quarter, exceeding analysts' expectations and showing a 7.7% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.71, representing an annualized yield of 3.1%, with the ex-dividend date set for September 26th.

Thematics Asset Management cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 15.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 198,197 shares of the medical technology company's stock after selling 36,878 shares during the quarter. Thematics Asset Management's holdings in Medtronic were worth $17,810,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MDT. Vanguard Group Inc. grew its position in shares of Medtronic by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after buying an additional 810,854 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after buying an additional 756,192 shares during the last quarter. Deutsche Bank AG grew its position in shares of Medtronic by 3.1% in the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after buying an additional 566,155 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Medtronic by 9.9% in the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after buying an additional 1,535,308 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MDT shares. Royal Bank Of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Wells Fargo & Company boosted their target price on Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. William Blair upgraded shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $102.14.

Insider Buying and Selling at Medtronic

In other news, Director William R. Jellison bought 2,500 shares of the stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company's stock.

Medtronic Stock Performance

Shares of NYSE MDT traded down $0.08 during trading on Thursday, reaching $91.97. 5,615,600 shares of the company traded hands, compared to its average volume of 7,679,693. The stock has a market cap of $117.98 billion, a P/E ratio of 25.34, a PEG ratio of 2.34 and a beta of 0.80. The firm's fifty day simple moving average is $90.06 and its 200 day simple moving average is $88.06. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.56% and a net margin of 13.63%.Medtronic's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. Medtronic's payout ratio is presently 78.24%.

Medtronic Profile

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.