The Manufacturers Life Insurance Company Boosts Stock Holdings in Medtronic PLC $MDT

The Manufacturers Life Insurance Company lifted its position in shares of Medtronic PLC (NYSE:MDT) by 1.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 5,413,353 shares of the medical technology company’s stock after buying an additional 63,296 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Medtronic were worth $469,065,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Vanguard Group Inc. increased its holdings in shares of Medtronic by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after purchasing an additional 1,888,381 shares in the last quarter. State Street Corp lifted its holdings in shares of Medtronic by 2.0% during the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after purchasing an additional 1,199,621 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Medtronic by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after buying an additional 1,419,730 shares during the last quarter. 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 buying an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Medtronic by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock worth $2,665,832,000 after buying an additional 231,919 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 transaction, the executive vice president 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 through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MDT shares. Robert W. Baird lowered their target price on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Barclays lifted their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 1st. UBS Group decreased their price objective 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. Jefferies Financial Group restated a “hold” rating and set a $88.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Finally, Leerink Partners dropped their target price on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Moderate Buy” and an average price target of $98.21.

Medtronic Price Performance

NYSE MDT opened at $84.29 on Tuesday. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The firm has a market capitalization of $107.90 billion, a P/E ratio of 22.60, a PEG ratio of 2.23 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. The company has a 50-day moving average price of $80.29 and a 200-day moving average price of $87.34.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a dividend of $0.72 per share. The ex-dividend date was Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.4%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is 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).