Pictet Asset Management Holding SA Sells 83,154 Shares of Medtronic PLC $MDT

Pictet Asset Management Holding SA lowered its stake in Medtronic PLC (NYSE:MDT) by 6.8% during the 2nd quarter, Holdings Channel reports. The firm owned 1,147,659 shares of the medical technology company’s stock after selling 83,154 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Medtronic were worth $89,794,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MDT. New England Capital Financial Advisors LLC grew its holdings in Medtronic by 7.8% during the 4th quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company’s stock valued at $135,000 after buying an additional 101 shares in the last quarter. Ipsen Advisor Group LLC raised its holdings in shares of Medtronic by 1.7% during the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company’s stock worth $572,000 after acquiring an additional 101 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Medtronic by 0.3% during the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company’s stock worth $3,120,000 after acquiring an additional 101 shares in the last quarter. Rossby Financial LCC boosted its position in shares of Medtronic by 5.1% during the 4th quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company’s stock valued at $211,000 after acquiring an additional 107 shares during the last quarter. Finally, Wealthspire Retirement LLC grew its holdings in shares of Medtronic by 5.0% in the fourth quarter. Wealthspire Retirement LLC now owns 2,410 shares of the medical technology company’s stock valued at $232,000 after purchasing an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In other Medtronic 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 value 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by insiders.

Medtronic Stock Up 0.6%

NYSE MDT opened at $91.10 on Friday. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. 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 $116.62 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 2.45 and a beta of 0.55. The company has a fifty day moving average of $83.20 and a two-hundred day moving average of $86.36.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. The business 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 business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

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

Analyst Ratings Changes

Several brokerages recently weighed in on MDT. Needham & Company LLC restated a “buy” rating and issued a $101.00 price target on shares of Medtronic in a research report on Wednesday, June 17th. Robert W. Baird dropped their price objective on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Medtronic from $100.00 to $78.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a report on Wednesday, June 3rd. Finally, Leerink Partners dropped their price target on Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a research report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.83.

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).