Pzena Investment Management LLC Sells 9,016 Shares of Medtronic PLC $MDT

Pzena Investment Management LLC trimmed its stake in Medtronic PLC (NYSE:MDT) by 0.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,147,999 shares of the medical technology company’s stock after selling 9,016 shares during the period. Pzena Investment Management LLC’s holdings in Medtronic were worth $246,268,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in 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 buying an additional 1,888,381 shares in the last quarter. BlackRock Inc. lifted its position in shares of Medtronic by 0.7% during the 2nd quarter. BlackRock Inc. now owns 114,020,787 shares of the medical technology company’s stock valued at $8,919,846,000 after buying an additional 838,220 shares in the last quarter. State Street Corp grew its stake in shares of Medtronic by 2.0% during the 4th quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after acquiring an additional 1,199,621 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Medtronic by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after acquiring an additional 1,419,730 shares during the period. Finally, Capital Research Global Investors increased its holdings in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after acquiring an additional 3,880,174 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Piper Sandler restated a “neutral” rating on shares of Medtronic in a research note on Monday, August 10th. Evercore set a $105.00 price objective on shares of Medtronic in a research report on Monday, July 6th. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Stifel Nicolaus set a $80.00 price target on Medtronic in a research note on Wednesday, June 3rd. Finally, Robert W. Baird lowered their price objective on Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.83.

Insider Activity at Medtronic

In other 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 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. The trade was a 10.11% decrease in their position. The transaction 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 Stock Up 1.2%

NYSE MDT opened at $93.44 on Friday. 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 company has a market capitalization of $119.60 billion, a P/E ratio of 25.05, a P/E/G ratio of 2.47 and a beta of 0.55. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The stock has a 50 day moving average price of $84.39 and a 200-day moving average price of $86.06.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same period last year, the firm posted $1.62 earnings per share. Medtronic’s revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Announces Dividend

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

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).