Swiss Life Asset Management Ltd Acquires New Shares in Medtronic PLC $MDT

Swiss Life Asset Management Ltd acquired a new position in Medtronic PLC (NYSE:MDT) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 808,757 shares of the medical technology company’s stock, valued at approximately $63,269,000.

Several other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Medtronic during the 4th quarter worth about $1,653,485,000. WCM Investment Management LLC bought a new position in shares of Medtronic in the 1st quarter valued at approximately $965,922,000. Capital Research Global Investors lifted 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 purchasing an additional 3,880,174 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Medtronic by 35.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after purchasing an additional 2,658,981 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Medtronic by 1.5% during 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 purchasing an additional 1,888,381 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insider Activity

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

Medtronic Price Performance

Shares of NYSE:MDT opened at $91.10 on Friday. The firm has a market capitalization of $116.62 billion, a PE ratio of 24.42, a PEG ratio of 2.43 and a beta of 0.55. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The business’s 50 day moving average is $83.20 and its 200-day moving average is $86.36.

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

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a $0.72 dividend. The ex-dividend date was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is currently 77.21%.

Analysts Set New Price Targets

Several equities analysts have commented on MDT shares. The Goldman Sachs Group lowered their price target on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $101.00 target price on shares of Medtronic in a research report on Wednesday, June 17th. Wells Fargo & Company cut their target price on shares of Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, June 4th. Piper Sandler restated a “neutral” rating on shares of Medtronic in a research report on Monday. Finally, Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research report on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target of $98.83.

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).