Pictet Asset Management Holding SA Sells 79,699 Shares of Medtronic PLC $MDT

Pictet Asset Management Holding SA cut its holdings in shares of Medtronic PLC (NYSE:MDT) by 6.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,230,813 shares of the medical technology company’s stock after selling 79,699 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Medtronic were worth $106,646,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Vanguard Group Inc. raised its stake 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. State Street Corp boosted its position in 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 in the last quarter. JPMorgan Chase & Co. boosted its position in 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 in the last quarter. Capital Research Global Investors grew its holdings in shares of Medtronic by 12.6% during 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 during the period. Finally, Geode Capital Management LLC raised its position in shares of 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 acquiring an additional 231,919 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by company insiders.

Medtronic Price Performance

Shares of NYSE:MDT opened at $80.94 on Monday. The business has a fifty day moving average price of $79.39 and a 200-day moving average price of $89.66. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The company has a market capitalization of $103.60 billion, a PE ratio of 21.70, a PEG ratio of 2.17 and a beta of 0.58. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. 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 business posted $1.62 EPS. Medtronic’s revenue 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 expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be issued a dividend of $0.72 per share. The ex-dividend date is Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic’s dividend payout ratio is currently 77.21%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Truist Financial dropped their price target on Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a research report on Thursday, June 4th. Wells Fargo & Company lowered their price objective on Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, June 4th. The Goldman Sachs Group reduced their target price on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a report on Wednesday, June 3rd. Seventeen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $99.00.

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).