Arax Advisory Partners Sells 22,008 Shares of Medtronic PLC $MDT

Arax Advisory Partners reduced its holdings in shares of Medtronic PLC (NYSE:MDT) by 44.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 27,363 shares of the medical technology company’s stock after selling 22,008 shares during the period. Arax Advisory Partners’ holdings in Medtronic were worth $2,628,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MDT. Norges Bank bought a new position in shares of Medtronic in the 4th quarter valued at about $1,653,485,000. Capital Research Global Investors raised its position in Medtronic by 12.6% during the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after acquiring an additional 3,880,174 shares in the last quarter. Barclays PLC lifted its stake in Medtronic by 104.6% in the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock valued at $650,604,000 after acquiring an additional 3,492,192 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Medtronic by 78.3% during 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 last quarter. 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 valued at $970,456,000 after purchasing an additional 2,658,981 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $80.11 on Monday. 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 1 year low of $73.31 and a 1 year high of $106.33. The stock has a market capitalization of $102.85 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58. The company’s 50 day simple moving average is $80.85 and its 200 day simple moving average is $91.29.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate 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 14.61% and a net margin of 13.20%.Medtronic’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is presently 76.14%.

Insider Activity at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value 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. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MDT shares. Daiwa Securities Group dropped their price target on Medtronic from $117.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Argus dropped their price objective on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Jefferies Financial Group reissued a “hold” rating and issued a $88.00 price target on shares of Medtronic in a report on Thursday, June 4th. Finally, Needham & Company LLC cut their price objective on shares of Medtronic from $120.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, June 3rd. Seventeen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and a consensus target price of $99.00.

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).