Bessemer Group Inc. Has $411.88 Million Stock Holdings in Medtronic PLC $MDT

Bessemer Group Inc. raised its stake in Medtronic PLC (NYSE:MDT) by 16.6% in the 1st quarter, HoldingsChannel reports. The firm owned 4,753,330 shares of the medical technology company’s stock after acquiring an additional 677,343 shares during the quarter. Medtronic makes up 0.6% of Bessemer Group Inc.’s portfolio, making the stock its 26th biggest position. Bessemer Group Inc.’s holdings in Medtronic were worth $411,878,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MDT. Lodestone Wealth Management LLC bought a new position in shares of Medtronic during the 4th quarter worth about $27,000. Anfield Capital Management LLC increased its position in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after buying an additional 230 shares in the last quarter. Monetary Solutions Ltd acquired a new position in Medtronic during the 4th quarter worth approximately $27,000. Board of the Pension Protection Fund acquired a new position in Medtronic during the 4th quarter worth approximately $29,000. Finally, GoalVest Advisory LLC bought a new position in Medtronic in the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business’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 transaction, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.26% of the company’s stock.

Medtronic Stock Up 3.8%

Shares of NYSE:MDT opened at $83.52 on Friday. The business’s 50 day moving average is $79.36 and its 200 day moving average is $88.03. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The stock has a market cap of $106.90 billion, a price-to-earnings ratio of 22.39, a PEG ratio of 2.16 and a beta of 0.56. 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 (NYSE:MDT) last issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business’s revenue was up 9.9% on a year-over-year basis. During the same period last year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, June 26th. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.4%. Medtronic’s payout ratio is 77.21%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. TD Cowen reduced their price objective on Medtronic from $119.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Citigroup cut their target price on Medtronic from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Truist Financial decreased their price target on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research note on Thursday, June 4th. Finally, Jefferies Financial Group restated a “hold” rating and set a $88.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.21.

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).