State Street Corp Purchases 1,658,301 Shares of Medtronic PLC $MDT

State Street Corp lifted its position in Medtronic PLC (NYSE:MDT) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,399,315 shares of the medical technology company’s stock after buying an additional 1,658,301 shares during the period. State Street Corp owned about 4.96% of Medtronic worth $5,005,320,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Monetary Solutions Ltd bought a new stake in shares of Medtronic in the fourth quarter worth about $27,000. Basepoint Wealth LLC bought a new position in shares of Medtronic during the 4th quarter valued at about $32,000. Modus Advisors LLC acquired a new position in shares of Medtronic in the 4th quarter valued at approximately $36,000. IAG Wealth Partners LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at approximately $30,000. Finally, Pin Oak Investment Advisors Inc. bought a new stake in Medtronic during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Kiil sold 1,483 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $93.65, for a total value of $138,882.95. Following the completion of the transaction, the executive vice president directly owned 42,186 shares in the company, valued at $3,950,718.90. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by corporate insiders.

Medtronic Stock Down 0.2%

Medtronic stock traded down $0.22 during mid-day trading on Tuesday, reaching $91.53. The company’s stock had a trading volume of 3,952,229 shares, compared to its average volume of 8,861,453. 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 PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The business’s 50 day simple moving average is $89.08 and its 200 day simple moving average is $84.90. The company has a market capitalization of $117.08 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.39 by $0.06. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The firm had revenue of $9.76 billion for the quarter, compared to analysts’ expectations of $9.55 billion. During the same period in the previous year, the firm posted $1.26 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. As a group, research analysts anticipate that Medtronic PLC will post 5.97 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 annualized dividend and a yield of 3.1%. Medtronic’s dividend payout ratio is 70.94%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MDT. Evercore set a $105.00 price target on shares of Medtronic in a research note on Monday, July 6th. TD Cowen increased their price objective on shares of Medtronic from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. JPMorgan Chase & Co. dropped their price objective on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Truist Financial reaffirmed a “hold” rating and issued a $99.00 target price (up from $86.00) on shares of Medtronic in a research note on Wednesday, September 2nd. Finally, Leerink Partners lowered their target price on Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a report on Thursday, June 4th. Nineteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $103.92.

About Medtronic

Medtronic plc is a global medical technology company that develops, manufactures and sells devices and therapies used to diagnose and treat a broad range of medical conditions. Its products are designed for hospitals, physicians and patients across areas including cardiac care, diabetes, neurological disorders, spinal conditions and surgical procedures.

The company’s portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, heart valves, neurostimulation systems, implantable pumps, spinal implants and surgical technologies.