Allspring Global Investments Holdings LLC Reduces Stock Holdings in Medtronic PLC $MDT

Allspring Global Investments Holdings LLC lessened its position in shares of Medtronic PLC (NYSE:MDT) by 16.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 885,098 shares of the medical technology company’s stock after selling 178,782 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Medtronic were worth $76,172,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MDT. Independent Financial Group LLC acquired a new stake in Medtronic during the 1st quarter valued at $856,000. Frazier Financial Advisors LLC boosted its position in Medtronic by 47.9% during the 1st quarter. Frazier Financial Advisors LLC now owns 574 shares of the medical technology company’s stock worth $50,000 after purchasing an additional 186 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co boosted its holdings in Medtronic by 5.8% in the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 46,261 shares of the medical technology company’s stock worth $4,009,000 after acquiring an additional 2,523 shares during the period. Noesis Capital Mangement Corp lifted its holdings in Medtronic by 1.7% in the 1st quarter. Noesis Capital Mangement Corp now owns 125,611 shares of the medical technology company’s stock worth $10,884,000 after buying an additional 2,066 shares in the last quarter. Finally, Delta Financial Advisors LLC boosted its holdings in Medtronic by 211.1% in the first quarter. Delta Financial Advisors LLC now owns 9,225 shares of the medical technology company’s stock valued at $799,000 after purchasing an additional 6,260 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated 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 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. 0.26% of the stock is currently owned by company insiders.

Medtronic Price Performance

Shares of MDT stock opened at $83.20 on Friday. The company has a market capitalization of $106.50 billion, a P/E ratio of 22.30, a P/E/G ratio of 2.24 and a beta of 0.56. The stock has a 50 day moving average of $79.50 and a two-hundred day moving average of $87.99. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, June 26th. This is a boost from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s payout ratio is currently 77.21%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MDT shares. Barclays lifted their target price on Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 1st. Truist Financial lowered their target price on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a research note on Thursday, June 4th. Jefferies Financial Group reaffirmed a “hold” rating and set a $88.00 target price on shares of Medtronic in a report on Thursday, June 4th. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Finally, TD Cowen dropped their price target on Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Medtronic has an average rating of “Moderate Buy” and a consensus target price of $98.21.

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).