HighTower Advisors LLC Sells 929,333 Shares of Medtronic PLC $MDT

HighTower Advisors LLC lessened its stake in Medtronic PLC (NYSE:MDT) by 70.3% in the second quarter, HoldingsChannel reports. The firm owned 393,328 shares of the medical technology company’s stock after selling 929,333 shares during the period. HighTower Advisors LLC’s holdings in Medtronic were worth $30,770,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its holdings in Medtronic by 7,655.7% during the second quarter. California State Teachers Retirement System now owns 158,124,578 shares of the medical technology company’s stock worth $12,370,086,000 after buying an additional 156,085,748 shares during the last quarter. BlackRock Inc. grew its holdings in Medtronic by 0.7% during the second quarter. BlackRock Inc. now owns 114,020,787 shares of the medical technology company’s stock valued at $8,919,846,000 after purchasing an additional 838,220 shares during the period. State Street Corp increased its stake in Medtronic by 2.0% in 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. increased its stake in Medtronic by 2.7% in 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 purchasing an additional 1,419,730 shares in the last quarter. Finally, Capital Research Global Investors increased its stake in Medtronic by 12.6% in the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 1.9%

Shares of Medtronic stock opened at $92.41 on Wednesday. The firm has a market cap of $118.20 billion, a PE ratio of 22.76, a P/E/G ratio of 2.21 and a beta of 0.56. The business’s 50 day simple moving average is $87.33 and its 200 day simple moving average is $85.21. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 2.07. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.06. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The company had revenue of $9.76 billion during the quarter, compared to analysts’ expectations of $9.55 billion. During the same period last year, the business earned $1.26 EPS. The business’s quarterly revenue was up 13.7% on a year-over-year basis. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. On average, analysts predict that Medtronic PLC will post 5.96 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be given a $0.72 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 3.1%. Medtronic’s dividend payout ratio (DPR) is 70.94%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $118.00 price target on shares of Medtronic in a research report on Wednesday, September 2nd. Piper Sandler restated a “neutral” rating on shares of Medtronic in a research report on Monday, August 10th. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday. Evercore set a $105.00 target price on Medtronic in a report on Monday, July 6th. Finally, UBS Group boosted their target price on Medtronic from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Nineteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $103.92.

Medtronic Profile

Medtronic plc is a global medical technology company that develops, manufactures and sells devices and therapies used to diagnose and treat a broad range of medical conditions. Its products are designed for hospitals, physicians and patients across areas including cardiac care, diabetes, neurological disorders, spinal conditions and surgical procedures.

The company’s portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, heart valves, neurostimulation systems, implantable pumps, spinal implants and surgical technologies.