Medtronic PLC $MDT Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Medtronic PLC (NYSE:MDT) by 3.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 3,172,596 shares of the medical technology company’s stock after selling 118,587 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Medtronic were worth $273,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Mirae Asset Global Investments Co. Ltd. bought a new position in Medtronic during the third quarter valued at about $31,625,000. Aviance Capital Partners LLC raised its holdings in Medtronic by 2.1% in the 3rd quarter. Aviance Capital Partners LLC now owns 5,469 shares of the medical technology company’s stock valued at $472,000 after acquiring an additional 114 shares in the last quarter. ProShare Advisors LLC raised its holdings in Medtronic by 2.2% in the 3rd quarter. ProShare Advisors LLC now owns 2,231,555 shares of the medical technology company’s stock valued at $192,561,000 after acquiring an additional 48,688 shares in the last quarter. Vise Technologies Inc. raised its holdings in Medtronic by 4.1% in the 3rd quarter. Vise Technologies Inc. now owns 57,325 shares of the medical technology company’s stock valued at $4,947,000 after acquiring an additional 2,268 shares in the last quarter. Finally, Cidel Asset Management Inc. lifted its position in shares of Medtronic by 5.7% in the 3rd quarter. Cidel Asset Management Inc. now owns 13,161 shares of the medical technology company’s stock worth $1,136,000 after acquiring an additional 709 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 50,000 shares of Medtronic stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $95.00, for a total value of $4,750,000.00. Following the completion of the transaction, the chief executive officer owned 277,866 shares in the company, valued at approximately $26,397,270. The trade was a 15.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Marinaro sold 10,420 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $96.00, for a total value of $1,000,320.00. Following the completion of the transaction, the executive vice president directly owned 105,916 shares in the company, valued at $10,167,936. The trade was a 8.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 61,903 shares of company stock valued at $5,889,203. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

MDT has been the topic of several recent research reports. Weiss Ratings raised Medtronic from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, October 19th. Wells Fargo & Company boosted their price objective on Medtronic from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, September 2nd. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday. Bank of America upped their target price on Medtronic from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Finally, Stifel Nicolaus raised their target price on Medtronic from $80.00 to $95.00 and gave the stock a “hold” rating in a research report on Wednesday, September 2nd. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.88.

Medtronic Stock Down 0.6%

MDT opened at $96.55 on Friday. The firm’s 50-day simple moving average is $91.70 and its 200-day simple moving average is $88.34. 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 twelve month low of $73.31 and a twelve month high of $106.33. The firm has a market cap of $123.50 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 2.26 and a beta of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $9.55 billion. During the same period last year, the firm posted $1.26 EPS. The firm’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. Equities research analysts anticipate that Medtronic PLC will post 5.98 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, September 25th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, September 25th. Medtronic’s dividend payout ratio is currently 70.94%.

Medtronic Company Profile

Medtronic plc (NYSE: MDT) is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.

The company’s offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.