Arrowstreet Capital Limited Partnership Increases Stock Position in Medtronic PLC $MDT

Arrowstreet Capital Limited Partnership boosted its stake in Medtronic PLC (NYSE:MDT) by 74.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,236,247 shares of the medical technology company’s stock after acquiring an additional 1,805,524 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.33% of Medtronic worth $406,934,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after buying an additional 37,265 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Medtronic by 9.6% in the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock valued at $380,000 after buying an additional 381 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Medtronic in the second quarter valued at about $299,000. Main Street Financial Solutions LLC raised its holdings in shares of Medtronic by 28.9% in the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock valued at $1,251,000 after buying an additional 3,218 shares during the last quarter. Finally, HUB Investment Partners LLC raised its holdings in shares of Medtronic by 21.3% in the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock valued at $1,676,000 after buying an additional 3,376 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.3%

NYSE MDT opened at $80.11 on Friday. The stock has a market capitalization of $102.85 billion, a P/E ratio of 21.48, a P/E/G ratio of 2.30 and a beta of 0.58. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The firm has a 50-day moving average price of $80.85 and a 200 day moving average price of $91.38. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion during 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 firm’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 posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts expect that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be issued a dividend of $0.72 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic’s dividend payout ratio is currently 76.14%.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.26% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MDT. Daiwa Securities Group reduced their target price 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. Argus reduced their target price on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 6th. Rothschild & Co Redburn reduced their target price on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a report on Friday, June 5th. Wall Street Zen cut 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 target price for the company in a report on Wednesday, June 3rd. Seventeen research 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, the stock has an average rating of “Moderate Buy” and an average price target of $99.00.

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).