State Street Corp Acquires 1,199,621 Shares of Medtronic PLC $MDT

State Street Corp boosted its holdings in shares of Medtronic PLC (NYSE:MDT) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,660,158 shares of the medical technology company’s stock after purchasing an additional 1,199,621 shares during the quarter. State Street Corp’s holdings in Medtronic were worth $5,966,780,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership raised its stake in Medtronic by 2.6% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company’s stock valued at $117,579,000 after purchasing an additional 31,314 shares during the period. CSM Advisors LLC raised its stake in Medtronic by 13.2% during the 3rd quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company’s stock valued at $27,169,000 after purchasing an additional 33,167 shares during the period. SageView Advisory Group LLC raised its stake in Medtronic by 164.8% during the 3rd quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company’s stock valued at $2,305,000 after purchasing an additional 15,062 shares during the period. Madison Asset Management LLC raised its stake in Medtronic by 15.0% during the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock valued at $18,752,000 after purchasing an additional 25,527 shares during the period. Finally, Bleakley Financial Group LLC raised its stake in Medtronic by 17.8% during the 3rd quarter. Bleakley Financial Group LLC now owns 87,313 shares of the medical technology company’s stock valued at $8,316,000 after purchasing an additional 13,177 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on MDT. Mizuho cut their price target on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. Argus cut their price target on Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 6th. TD Cowen restated a “buy” rating and set a $119.00 price target on shares of Medtronic in a report on Thursday, June 4th. Truist Financial cut their price target on Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a report on Thursday, June 4th. Finally, Evercore set a $106.00 price target on Medtronic and gave the company an “outperform” rating in a report on Thursday, April 9th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.00.

Medtronic Price Performance

Shares of Medtronic stock opened at $80.11 on Friday. The stock has a market cap 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 quick ratio of 1.87 and a current ratio of 2.54. The stock has a 50 day moving average price of $80.85 and a 200-day moving average price of $91.38. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The company’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities analysts expect that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be issued a $0.72 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic’s dividend payout ratio (DPR) is presently 76.14%.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the transaction, the executive vice president 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.26% of the company’s stock.

Medtronic 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).