Manning & Napier Advisors LLC Takes Position in Medtronic PLC $MDT

Manning & Napier Advisors LLC bought a new position in shares of Medtronic PLC (NYSE:MDT) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 83,027 shares of the medical technology company’s stock, valued at approximately $6,719,000.

A number of other institutional investors have also made changes to their positions in MDT. BlackRock Inc. boosted its holdings in shares of Medtronic by 0.7% during the 2nd quarter. BlackRock Inc. now owns 114,020,787 shares of the medical technology company’s stock worth $8,919,846,000 after buying an additional 838,220 shares during the period. State Street Corp increased 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 worth $5,966,780,000 after buying an additional 1,199,621 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Medtronic by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock worth $5,150,420,000 after buying an additional 1,419,730 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Medtronic by 12.6% during the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after buying an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Medtronic by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock valued at $2,665,832,000 after acquiring an additional 231,919 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent research reports. The Goldman Sachs Group lowered their price target 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. TD Cowen decreased their target price on shares of Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Robert W. Baird cut their price target on Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $88.00 price target on shares of Medtronic in a research report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $98.83.

Medtronic Trading Down 0.5%

Shares of Medtronic stock opened at $92.92 on Tuesday. The company has a market capitalization of $118.94 billion, a price-to-earnings ratio of 24.91, a PEG ratio of 2.50 and a beta of 0.55. 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 12-month low of $73.31 and a 12-month high of $106.33. The firm’s 50-day moving average price is $84.64 and its two-hundred day moving average price is $85.87.

Medtronic (NYSE:MDT) last released its 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 for the quarter, compared to analyst estimates of $9.62 billion. During the same period last year, the firm earned $1.62 EPS. The business’s quarterly 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. On average, analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic’s payout ratio is 77.21%.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction on Monday, June 8th. The stock was 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 directly owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company 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).