Medtronic PLC $MDT Shares Sold by Flputnam Investment Management Co.

Flputnam Investment Management Co. cut its holdings in Medtronic PLC (NYSE:MDT) by 80.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,084 shares of the medical technology company’s stock after selling 81,318 shares during the quarter. Flputnam Investment Management Co.’s holdings in Medtronic were worth $1,571,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Global Retirement Partners LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at approximately $4,618,000. Fielder Capital Group LLC acquired a new stake in Medtronic in the 2nd quarter valued at $204,000. IAG Wealth Partners LLC purchased a new stake in Medtronic in the 2nd quarter worth $30,000. CORDA Investment Management LLC. increased its holdings in Medtronic by 9.0% in the 2nd quarter. CORDA Investment Management LLC. now owns 296,967 shares of the medical technology company’s stock worth $23,232,000 after acquiring an additional 24,604 shares in the last quarter. Finally, Sandro Wealth Management LLC raised its position in Medtronic by 18.3% during the second quarter. Sandro Wealth Management LLC now owns 5,691 shares of the medical technology company’s stock worth $445,000 after acquiring an additional 879 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on MDT. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $118.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Truist Financial cut their target price 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. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Medtronic from $100.00 to $78.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.83.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of the company’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 completion of the sale, the executive vice president owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.26% of the company’s stock.

Medtronic Trading Down 1.8%

Shares of MDT stock opened at $92.45 on Friday. The stock’s fifty day moving average is $84.12 and its two-hundred day moving average is $86.01. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The firm has a market capitalization of $118.33 billion, a P/E ratio of 24.79, a PEG ratio of 2.52 and a beta of 0.55. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. During the same quarter in the previous year, the company posted $1.62 EPS. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be given a dividend of $0.72 per share. The ex-dividend date is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 3.1%. Medtronic’s payout ratio is presently 77.21%.

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).