Vontobel Holding Ltd. Buys 520,768 Shares of Medtronic PLC $MDT

Key Points

• Vontobel Holding Ltd. boosted its Medtronic stake by 111.7% in the fourth quarter, adding 520,768 shares and bringing its total holdings to 987,049 shares valued at about $94.8 million.
• Medtronic reported quarterly earnings of $1.55 per share and revenue of $9.81 billion, both slightly above analyst expectations, with revenue up 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share from $0.71, while analysts currently rate the stock a Moderate Buy with an average price target of $99.00.

Vontobel Holding Ltd. increased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 111.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 987,049 shares of the medical technology company's stock after purchasing an additional 520,768 shares during the quarter. Vontobel Holding Ltd. owned approximately 0.08% of Medtronic worth $94,816,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MDT. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter worth approximately $1,653,485,000. Capital Research Global Investors raised its holdings in shares of 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 during the period. Barclays PLC raised its holdings in shares of Medtronic by 104.6% in the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company's stock worth $650,604,000 after purchasing an additional 3,492,192 shares during the period. Schroder Investment Management Group raised its holdings in shares of Medtronic by 78.3% in the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company's stock worth $717,143,000 after purchasing an additional 3,307,211 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Medtronic by 35.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock worth $970,456,000 after purchasing an additional 2,658,981 shares during the period. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 0.3%

Shares of NYSE:MDT opened at $80.11 on Friday. The firm has a fifty day moving average price of $80.85 and a two-hundred day moving average price of $91.38. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The company has a market cap of $102.85 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58.

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 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 analysts' expectations of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The business's quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts anticipate that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be given a dividend of $0.72 per share. This is an increase from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. Medtronic's dividend payout ratio is 76.14%.

Wall Street Analyst Weigh In

Several research analysts recently commented on MDT shares. Piper Sandler cut their price objective on shares of Medtronic from $91.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Daiwa Securities Group cut their price objective on shares of Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a report on Friday, February 27th. Robert W. Baird cut their price objective on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. Finally, BTIG Research raised shares of Medtronic from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a report on Wednesday, June 3rd. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $99.00.

Insider Buying and Selling at Medtronic

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

About Medtronic

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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