Cooke & Bieler LP Sells 12,822 Shares of Medtronic PLC $MDT

Cooke & Bieler LP lessened its position in Medtronic PLC (NYSE:MDT) by 1.6% in the second quarter, HoldingsChannel reports. The firm owned 799,208 shares of the medical technology company’s stock after selling 12,822 shares during the quarter. Cooke & Bieler LP’s holdings in Medtronic were worth $62,522,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Madison Asset Management LLC lifted its holdings in shares of Medtronic by 15.0% during the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock valued at $18,752,000 after purchasing an additional 25,527 shares during the last quarter. Ticino Wealth purchased a new stake in shares of Medtronic in the 4th quarter worth approximately $2,049,000. First Eagle Investment Management LLC grew its stake in shares of Medtronic by 0.4% in the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock worth $939,009,000 after buying an additional 40,196 shares during the last quarter. Gradient Investments LLC increased its position in Medtronic by 3.9% during the 2nd quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company’s stock valued at $38,842,000 after buying an additional 18,509 shares in the last quarter. Finally, Czech National Bank increased its position in Medtronic by 4.7% during the 2nd quarter. Czech National Bank now owns 365,443 shares of the medical technology company’s stock valued at $28,589,000 after buying an additional 16,292 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.6%

Medtronic stock opened at $91.10 on Friday. The business has a 50-day simple moving average of $83.20 and a two-hundred day simple moving average of $86.36. The company has a market cap of $116.62 billion, a P/E ratio of 24.42, a P/E/G ratio of 2.45 and a beta of 0.55. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. 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 (NYSE:MDT) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same quarter in the prior year, the firm earned $1.62 EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts predict that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. TD Cowen reduced their price target on Medtronic from $119.00 to $100.00 and set a “buy” rating for the company in a report on Friday, July 10th. Truist Financial lowered their price target on Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research report on Thursday, June 4th. Needham & Company LLC reiterated a “buy” rating and issued a $101.00 price target on shares of Medtronic in a research note on Wednesday, June 17th. Finally, Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a research report on Wednesday, June 3rd. Eighteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $98.83.

Insider Buying and Selling

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

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).