South Dakota Investment Council Sells 8,688 Shares of Medtronic PLC $MDT

South Dakota Investment Council trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 6.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,679 shares of the medical technology company’s stock after selling 8,688 shares during the period. South Dakota Investment Council’s holdings in Medtronic were worth $11,323,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MDT. Curbstone Financial Management Corp raised its holdings in shares of Medtronic by 1.8% in the fourth quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company’s stock valued at $537,000 after buying an additional 100 shares during the last quarter. New England Capital Financial Advisors LLC grew its holdings in Medtronic by 7.8% during the 4th quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company’s stock worth $135,000 after acquiring an additional 101 shares during the last quarter. Ipsen Advisor Group LLC increased its position in Medtronic by 1.7% in the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company’s stock valued at $572,000 after acquiring an additional 101 shares in the last quarter. Quadrant Capital Group LLC increased its position in Medtronic by 0.3% in the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company’s stock valued at $3,120,000 after acquiring an additional 101 shares in the last quarter. Finally, Rossby Financial LCC increased its position in Medtronic by 5.1% in the 4th quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company’s stock valued at $211,000 after acquiring an additional 107 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.7%

NYSE:MDT opened at $87.53 on Thursday. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The stock’s fifty day simple moving average is $80.64 and its 200-day simple moving average is $87.17. The firm has a market capitalization of $112.04 billion, a P/E ratio of 23.47, a P/E/G ratio of 2.33 and a beta of 0.56.

Medtronic (NYSE:MDT) last released 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. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter in the prior year, the company posted $1.62 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts expect that Medtronic PLC will post 5.94 earnings per share 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 paid a $0.72 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.3%. Medtronic’s dividend payout ratio (DPR) is currently 77.21%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research reports. Truist Financial reduced their target price on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a research report on Thursday, June 4th. Robert W. Baird lowered their price target on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $101.00 price objective on shares of Medtronic in a report on Wednesday, June 17th. Barclays increased their price objective on Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, April 1st. Finally, Stifel Nicolaus set a $80.00 target price on Medtronic in a research note on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $98.83.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.26% of the stock is owned by corporate insiders.

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).