Medtronic PLC $MDT Stock Acquired by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System increased its position in shares of Medtronic PLC (NYSE:MDT) by 14.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,196 shares of the medical technology company’s stock after buying an additional 10,285 shares during the period. Maryland State Retirement & Pension System’s holdings in Medtronic were worth $6,834,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Ritholtz Wealth Management lifted its stake in Medtronic by 32.4% in the 3rd quarter. Ritholtz Wealth Management now owns 28,429 shares of the medical technology company’s stock valued at $2,453,000 after purchasing an additional 6,958 shares during the last quarter. Walter Public Investments Inc. bought a new position in Medtronic during the third quarter worth about $6,366,000. First Command Advisory Services Inc. increased its position in Medtronic by 95.1% during the third quarter. First Command Advisory Services Inc. now owns 1,307 shares of the medical technology company’s stock worth $114,000 after buying an additional 637 shares during the last quarter. Machina Capital S.A.S. acquired a new position in Medtronic during the third quarter worth approximately $3,904,000. Finally, Silver Grove Financial Group Inc. increased its position in Medtronic by 18.3% during the third quarter. Silver Grove Financial Group Inc. now owns 1,214 shares of the medical technology company’s stock worth $105,000 after buying an additional 188 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT stock opened at $100.96 on Friday. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a market capitalization of $129.14 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 2.38 and a beta of 0.56. The company has a 50-day simple moving average of $93.52 and a 200 day simple moving average of $88.46. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 2.07.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.06. The firm had revenue of $9.76 billion for the quarter, compared to analysts’ expectations of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The business’s revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.26 EPS. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. On average, sell-side analysts predict that Medtronic PLC will post 5.98 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, September 25th were given a $0.72 dividend. The ex-dividend date of this dividend was Friday, September 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.9%. Medtronic’s dividend payout ratio is presently 70.94%.

Insider Activity

In other news, EVP Harry Kiil sold 1,483 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $93.65, for a total transaction of $138,882.95. Following the transaction, the executive vice president owned 42,186 shares in the company, valued at approximately $3,950,718.90. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Geoffrey Martha sold 50,000 shares of Medtronic stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $95.00, for a total value of $4,750,000.00. Following the sale, the chief executive officer directly owned 277,866 shares of the company’s stock, valued at approximately $26,397,270. The trade was a 15.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 61,903 shares of company stock valued at $5,889,203. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MDT. Robert W. Baird upped their price objective on Medtronic from $91.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. Truist Financial reiterated a “hold” rating and set a $99.00 target price (up from $86.00) on shares of Medtronic in a research note on Wednesday, September 2nd. BTIG Research decreased their target price on Medtronic from $100.00 to $99.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Deutsche Bank reissued a “hold” rating and set a $92.00 target price on shares of Medtronic in a report on Thursday, September 3rd. Finally, Piper Sandler restated a “neutral” rating on shares of Medtronic in a research note on Wednesday, October 14th. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.88.

Medtronic Profile

Medtronic plc is a medical technology company that develops and manufactures devices and therapies for a range of health conditions. Its products include pacemakers and defibrillators, heart valves, surgical technologies, neurostimulation devices, and insulin pumps and other diabetes-management products. The company was founded in Minneapolis in 1949 by Earl Bakken and Palmer Hermundslie as a medical equipment repair business. It has since grown into a global company serving patients and health care providers in more than 150 countries.