Arrowstreet Capital Limited Partnership Raises Position in Medtronic PLC $MDT

Arrowstreet Capital Limited Partnership raised its position in Medtronic PLC (NYSE:MDT) by 10.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 4,659,425 shares of the medical technology company’s stock after acquiring an additional 423,178 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Medtronic were worth $403,739,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MDT. Norges Bank purchased a new position in Medtronic during the fourth quarter worth approximately $1,653,485,000. WCM Investment Management LLC acquired a new position in Medtronic during the first quarter worth $965,922,000. Capital Research Global Investors grew 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 valued at $3,321,101,000 after buying an additional 3,880,174 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Medtronic by 35.3% in the third 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. Finally, Vanguard Group Inc. increased its position in Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after purchasing an additional 1,888,381 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.4%

Shares of MDT stock opened at $82.19 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The stock has a market capitalization of $105.20 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 2.20 and a beta of 0.56. The company has a 50 day moving average price of $80.01 and a 200 day moving average price of $87.55. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

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

Medtronic Increases Dividend

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

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the transaction, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on MDT. BTIG Research reaffirmed a “buy” rating and set a $91.00 target price on shares of Medtronic in a research note on Monday, July 13th. Mizuho reduced their price target 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. Stifel Nicolaus set a $80.00 target price on Medtronic in a research note on Wednesday, June 3rd. TD Cowen decreased their price target on Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Finally, Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.21.

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).