Medtronic PLC $MDT Shares Acquired by Equity Investment Corp

Equity Investment Corp raised its holdings in Medtronic PLC (NYSE:MDT) by 29.5% during the second quarter, HoldingsChannel.com reports. The fund owned 2,070,582 shares of the medical technology company’s stock after purchasing an additional 471,902 shares during the period. Medtronic makes up about 3.1% of Equity Investment Corp’s holdings, making the stock its 4th biggest holding. Equity Investment Corp’s holdings in Medtronic were worth $161,982,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Alpine Woods Capital Investors LLC bought a new stake in Medtronic in the 2nd quarter valued at about $5,358,000. Citizens Financial Group Inc. RI raised its position in shares of Medtronic by 9.1% in the second quarter. Citizens Financial Group Inc. RI now owns 82,274 shares of the medical technology company’s stock worth $6,436,000 after buying an additional 6,850 shares in the last quarter. K.J. Harrison & Partners Inc raised its position in Medtronic by 456.0% during the second quarter. K.J. Harrison & Partners Inc now owns 75,596 shares of the medical technology company’s stock valued at $5,914,000 after purchasing an additional 62,000 shares in the last quarter. Auxano Advisors LLC boosted its position in Medtronic by 1.3% during the second quarter. Auxano Advisors LLC now owns 17,890 shares of the medical technology company’s stock valued at $1,400,000 after buying an additional 227 shares during the period. Finally, Oarsman Capital Inc. increased its position in shares of Medtronic by 1.9% in the second quarter. Oarsman Capital Inc. now owns 34,779 shares of the medical technology company’s stock valued at $2,721,000 after acquiring an additional 634 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MDT shares. Needham & Company LLC restated a “buy” rating and issued a $101.00 price target on shares of Medtronic in a research note on Wednesday, June 17th. The Goldman Sachs Group decreased their price target on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Weiss Ratings restated a “hold (c)” rating on shares of Medtronic in a report on Tuesday. Rothschild & Co Redburn lowered their target price on Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a report on Friday, June 5th. Finally, Mizuho lowered their target price on shares of Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, June 3rd. Eighteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average target price of $98.83.

Insider Activity at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s 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 in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.26% of the stock is owned by corporate insiders.

Medtronic Trading Up 1.2%

NYSE:MDT opened at $93.44 on Friday. The stock has a 50-day simple moving average of $84.39 and a 200-day simple moving average of $86.06. The stock has a market cap of $119.60 billion, a P/E ratio of 25.05, a P/E/G ratio of 2.47 and a beta of 0.55. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS 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 net margin of 13.20% and a return on equity of 14.51%. Medtronic’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 3.1%. Medtronic’s dividend payout ratio (DPR) is 77.21%.

Medtronic Company 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).