Medtronic PLC $MDT Position Increased by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in shares of Medtronic PLC (NYSE:MDT) by 4.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 211,159 shares of the medical technology company’s stock after buying an additional 9,578 shares during the quarter. Fifth Third Bancorp’s holdings in Medtronic were worth $18,297,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Madison Asset Management LLC boosted its position in shares of Medtronic by 15.0% during the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock valued at $18,752,000 after purchasing an additional 25,527 shares in the last quarter. Ticino Wealth acquired a new stake in Medtronic during the 4th quarter worth about $2,049,000. First Eagle Investment Management LLC raised its holdings in shares of Medtronic by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock valued at $939,009,000 after acquiring an additional 40,196 shares during the period. KBC Group NV lifted its position in shares of Medtronic by 5.2% in the 4th quarter. KBC Group NV now owns 430,508 shares of the medical technology company’s stock valued at $41,354,000 after acquiring an additional 21,384 shares in the last quarter. Finally, Kimelman & Baird LLC boosted its stake in Medtronic by 21.6% in the 3rd quarter. Kimelman & Baird LLC now owns 168,969 shares of the medical technology company’s stock worth $16,093,000 after purchasing an additional 29,978 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the topic of several research analyst reports. Mizuho lowered their price objective on shares of Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 3rd. Leerink Partners reduced their target price on Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a report on Thursday, June 4th. UBS Group decreased their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. BTIG Research reiterated a “buy” rating and set a $91.00 price target on shares of Medtronic in a report on Monday. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $118.00 price target on shares of Medtronic in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.21.

Insider Buying and Selling

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 transaction, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is owned by company insiders.

Medtronic Stock Down 0.3%

MDT stock opened at $83.58 on Tuesday. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The company has a market cap of $106.98 billion, a price-to-earnings ratio of 22.41, a PEG ratio of 2.25 and a beta of 0.56. The company has a 50 day moving average of $79.16 and a two-hundred day moving average of $88.36.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the business posted $1.62 EPS. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.4%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic’s dividend payout ratio is presently 77.21%.

Medtronic 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).