Medtronic PLC $MDT is Cullen Capital Management LLC’s 9th Largest Position

Cullen Capital Management LLC trimmed its position in shares of Medtronic PLC (NYSE:MDT) by 6.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,495,206 shares of the medical technology company’s stock after selling 177,169 shares during the quarter. Medtronic comprises about 2.6% of Cullen Capital Management LLC’s investment portfolio, making the stock its 9th largest holding. Cullen Capital Management LLC’s holdings in Medtronic were worth $239,690,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after buying an additional 1,888,381 shares during the last quarter. State Street Corp lifted its position in shares of Medtronic by 1.0% during the third quarter. State Street Corp now owns 60,460,537 shares of the medical technology company’s stock valued at $5,800,550,000 after buying an additional 625,992 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Medtronic by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after buying an additional 1,419,730 shares during the last quarter. Capital Research Global Investors lifted its position in shares of 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 valued at $3,321,101,000 after buying an additional 3,880,174 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Medtronic by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock valued at $2,665,832,000 after buying an additional 231,919 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. UBS Group cut their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Evercore set a $106.00 price objective on shares of Medtronic and gave the company an “outperform” rating in a report on Thursday, April 9th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Medtronic from $100.00 to $78.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Medtronic Trading Down 0.3%

Shares of NYSE:MDT opened at $80.11 on Friday. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The firm 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 has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. The business’s 50 day moving average price is $80.85 and its 200-day moving average price is $91.38.

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, beating 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 return on equity of 14.61% and a net margin of 13.20%.The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business 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. The ex-dividend date is Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s payout ratio is presently 76.14%.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company’s stock.

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).