Russell Investments Group Ltd. Has $157.39 Million Stock Holdings in Medtronic PLC $MDT

Russell Investments Group Ltd. raised its stake in shares of Medtronic PLC (NYSE:MDT) by 5.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,638,078 shares of the medical technology company’s stock after purchasing an additional 83,573 shares during the period. Russell Investments Group Ltd.’s holdings in Medtronic were worth $157,386,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Medtronic by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after acquiring an additional 1,888,381 shares during the last quarter. State Street Corp boosted its position in Medtronic by 2.0% during the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after purchasing an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Medtronic by 2.7% in the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after purchasing an additional 1,419,730 shares in the last quarter. Capital Research Global Investors grew its stake in Medtronic by 12.6% in the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Medtronic by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock worth $2,665,832,000 after purchasing an additional 231,919 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group cut their price target on Medtronic from $84.00 to $83.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Royal Bank Of Canada restated an “outperform” rating and issued a $118.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Robert W. Baird cut their price objective on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Rothschild & Co Redburn reduced their target price on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a research note on Friday, June 5th. Finally, Sanford C. Bernstein decreased their target price on shares of Medtronic from $112.00 to $97.00 and set an “outperform” rating for the company in a research report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.00.

Insider Buying and Selling

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was 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 $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Medtronic Stock Performance

Shares of MDT opened at $81.36 on Wednesday. The company has a market capitalization of $104.45 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 2.16 and a beta of 0.58. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The company’s fifty day moving average price is $80.62 and its 200 day moving average price is $90.95.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.01. The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period last 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 expect that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be given a $0.72 dividend. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 annualized dividend and a yield of 3.5%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio (DPR) is presently 76.14%.

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).