Tokio Marine Asset Management Co. Ltd. decreased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 25.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,072 shares of the medical technology company's stock after selling 22,648 shares during the period. Tokio Marine Asset Management Co. Ltd.'s holdings in Medtronic were worth $5,091,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Medtronic by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company's stock valued at $12,388,027,000 after acquiring an additional 1,888,381 shares during the last quarter. State Street Corp grew its position in Medtronic by 2.0% during the 4th quarter. State Street Corp now owns 61,660,158 shares of the medical technology company's stock worth $5,966,780,000 after acquiring an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. grew its position in Medtronic by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company's stock worth $5,150,420,000 after acquiring an additional 1,419,730 shares during the last quarter. Capital Research Global Investors increased its holdings in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock worth $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Medtronic by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company's stock worth $2,665,832,000 after purchasing an additional 231,919 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.
Wall Street Analyst Weigh In
MDT has been the topic of a number of recent research reports. Royal Bank Of Canada reissued an "outperform" rating and set a $118.00 price target on shares of Medtronic in a research note on Thursday, June 4th. Truist Financial dropped their price objective on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Weiss Ratings downgraded shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Needham & Company LLC reissued a "buy" rating and set a $101.00 target price on shares of Medtronic in a report on Wednesday, June 17th. Finally, Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research report on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.83.
Check Out Our Latest Stock Analysis on MDT
Medtronic Price Performance
Shares of MDT opened at $91.10 on Friday. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The company has a market capitalization of $116.62 billion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The business 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 announced 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. The business had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm's revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.
Medtronic Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a $0.72 dividend. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is currently 77.21%.
Insider Activity at Medtronic
In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.26% of the company's stock.
Medtronic Profile
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Free Report)
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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