Miller Howard Investments Inc. NY Sells 9,090 Shares of Medtronic PLC $MDT

Miller Howard Investments Inc. NY trimmed its position in Medtronic PLC (NYSE:MDT) by 1.3% in the first quarter, Holdings Channel.com reports. The firm owned 714,803 shares of the medical technology company’s stock after selling 9,090 shares during the period. Medtronic comprises approximately 1.7% of Miller Howard Investments Inc. NY’s portfolio, making the stock its 19th largest holding. Miller Howard Investments Inc. NY’s holdings in Medtronic were worth $61,938,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of MDT. Vanguard Group Inc. boosted its stake in Medtronic by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after acquiring an additional 1,888,381 shares during the last quarter. State Street Corp raised its position in shares of Medtronic by 2.0% during the 4th 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. raised its position in shares of Medtronic by 2.7% during the 4th 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 last quarter. Capital Research Global Investors lifted its stake in shares of Medtronic by 12.6% in the 4th 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 during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Medtronic by 0.8% in the 4th 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 purchasing an additional 231,919 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Up 1.8%

Shares of NYSE MDT opened at $80.69 on Wednesday. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The stock has a market cap of $103.29 billion, a price-to-earnings ratio of 21.63, a P/E/G ratio of 2.13 and a beta of 0.58. The company has a quick ratio of 1.87, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The company’s fifty day moving average is $79.83 and its 200-day moving average is $90.10.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic’s dividend payout ratio is currently 76.14%.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This trade 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 company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Truist Financial decreased their price objective on Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research note on Thursday, June 4th. Jefferies Financial Group reissued a “hold” rating and issued a $88.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Mizuho reduced their target price on Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, June 3rd. Evercore set a $106.00 target price on Medtronic and gave the stock an “outperform” rating in a research report on Thursday, April 9th. Finally, Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $99.00.

Medtronic 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).