Pictet Asset Management Holding SA Reduces Position in Medtronic PLC $MDT

Pictet Asset Management Holding SA lessened its holdings in shares of Medtronic PLC (NYSE:MDT) by 6.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,230,813 shares of the medical technology company’s stock after selling 79,699 shares during the quarter. Pictet Asset Management Holding SA owned about 0.10% of Medtronic worth $106,646,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Medtronic during the 4th quarter valued at $1,653,485,000. Capital Research Global Investors grew its holdings in Medtronic by 12.6% during the 4th 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 buying an additional 3,880,174 shares in the last quarter. Barclays PLC increased its position in shares of Medtronic by 104.6% during the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock valued at $650,604,000 after buying an additional 3,492,192 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Medtronic by 78.3% in the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock worth $717,143,000 after buying an additional 3,307,211 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Medtronic by 35.3% in the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock valued at $970,456,000 after acquiring an additional 2,658,981 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $80.94 on Monday. The firm has a fifty day simple moving average of $79.39 and a two-hundred day simple moving average of $89.66. 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 twelve month low of $73.31 and a twelve month high of $106.33. The company has a market capitalization of $103.60 billion, a PE ratio of 21.70, a P/E/G ratio of 2.17 and a beta of 0.58.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The firm 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 company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts expect that Medtronic PLC will post 5.94 EPS for the current 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 issued a dividend of $0.72 per share. The ex-dividend date is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio (DPR) is currently 77.21%.

Analysts Set New Price Targets

Several brokerages have commented on MDT. UBS Group cut their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Rothschild & Co Redburn decreased their price objective on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a research report on Friday, June 5th. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Wells Fargo & Company dropped their target price on shares of Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, June 4th. Finally, Leerink Partners cut their price target on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $99.00.

Insiders Place Their Bets

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

Medtronic Company 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).