Panagora Asset Management Inc. Boosts Stake in Medtronic PLC $MDT

Panagora Asset Management Inc. raised its stake in shares of Medtronic PLC (NYSE:MDT) by 5.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 749,064 shares of the medical technology company’s stock after buying an additional 37,518 shares during the period. Panagora Asset Management Inc.’s holdings in Medtronic were worth $71,955,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Lodestone Wealth Management LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at $27,000. Anfield Capital Management LLC raised its stake in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 230 shares during the last quarter. Board of the Pension Protection Fund purchased a new position in shares of Medtronic in the 4th quarter worth about $29,000. GoalVest Advisory LLC purchased a new position in shares of Medtronic in the 4th quarter worth about $29,000. Finally, Acumen Wealth Advisors LLC purchased a new position in shares of Medtronic in the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wells Fargo & Company cut their price objective on Medtronic from $114.00 to $102.00 and set an “overweight” rating on the stock in a report on Thursday, June 4th. Jefferies Financial Group restated a “hold” rating and issued a $88.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Barclays raised their price objective on Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, April 1st. Needham & Company LLC cut their price objective on Medtronic from $120.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, June 3rd. Finally, TD Cowen reiterated a “buy” rating and set a $119.00 target price on shares of Medtronic in a report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $99.00.

Medtronic Price Performance

Shares of NYSE MDT opened at $80.11 on Monday. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The business has a 50 day moving average price of $80.85 and a two-hundred day moving average price of $91.29. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The firm has a market cap of $102.85 billion, a PE ratio of 21.48, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 return on equity of 14.61% and a net margin of 13.20%.The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the firm earned $1.62 EPS. Medtronic’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. Sell-side analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s payout ratio is 76.14%.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the transaction, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.26% of the company’s stock.

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).