Sound Shore Management Inc. CT Acquires New Stake in Medtronic PLC $MDT

Sound Shore Management Inc. CT bought a new position in shares of Medtronic PLC (NYSE:MDT) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 825,239 shares of the medical technology company’s stock, valued at approximately $71,507,000. Medtronic makes up approximately 2.4% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 27th largest holding. Sound Shore Management Inc. CT owned 0.06% of Medtronic at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MDT. Lodestone Wealth Management LLC acquired a new position in shares of Medtronic during the 4th quarter valued at $27,000. Anfield Capital Management LLC lifted its holdings in shares of Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after buying an additional 230 shares during the period. Monetary Solutions Ltd bought a new position in Medtronic during the fourth quarter valued at about $27,000. Acumen Wealth Advisors LLC acquired a new position in Medtronic during the fourth quarter worth about $29,000. Finally, Imprint Wealth LLC acquired a new position in Medtronic during the third quarter worth about $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Medtronic

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

Medtronic Stock Performance

Medtronic stock opened at $83.20 on Monday. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The firm’s 50 day simple moving average is $79.50 and its 200-day simple moving average is $87.94. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The company has a market cap of $106.50 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56.

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, beating analysts’ consensus estimates of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities research analysts predict that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

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

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. Truist Financial reduced their price objective on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research report on Thursday, June 4th. TD Cowen dropped their target price on shares of Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Citigroup cut their target price on shares of Medtronic from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Wells Fargo & Company reduced their price objective on Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, June 4th. Finally, Sanford C. Bernstein decreased their target price on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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).