Sumitomo Mitsui Trust Group Inc. Buys 247,756 Shares of Medtronic PLC $MDT

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Medtronic PLC (NYSE:MDT) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,291,183 shares of the medical technology company’s stock after buying an additional 247,756 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Medtronic were worth $257,469,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Medtronic by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after buying an additional 1,888,381 shares during the last quarter. State Street Corp increased its position in Medtronic by 2.0% during 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 acquiring an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings 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 acquiring an additional 1,419,730 shares during the period. Capital Research Global Investors lifted its holdings 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 acquiring an additional 3,880,174 shares during the period. Finally, Geode Capital Management LLC boosted its position in 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 worth $2,665,832,000 after purchasing an additional 231,919 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.6%

NYSE MDT opened at $91.10 on Friday. The stock’s 50-day moving average price is $83.20 and its 200-day moving average price is $86.36. 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 company has a market capitalization of $116.62 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 2.43 and a beta of 0.55.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared 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 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 26th. Medtronic’s payout ratio is presently 77.21%.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company’s 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Evercore set a $105.00 price target on Medtronic in a research note on Monday, July 6th. The Goldman Sachs Group lowered their price objective on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft dropped their price objective 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. UBS Group upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the company from $85.00 to $100.00 in a research report on Tuesday, July 28th. Finally, Weiss Ratings cut shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $98.83.

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).