Meyer Handelman Co. Cuts Stock Position in Medtronic PLC $MDT

Meyer Handelman Co. lessened its stake in shares of Medtronic PLC (NYSE:MDT) by 29.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,507 shares of the medical technology company’s stock after selling 20,287 shares during the period. Meyer Handelman Co.’s holdings in Medtronic were worth $4,116,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MDT. Lodestone Wealth Management LLC bought a new position in shares of Medtronic during the fourth quarter valued at $27,000. Anfield Capital Management LLC boosted its stake in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 230 shares in the last quarter. Monetary Solutions Ltd bought a new position in Medtronic in the 4th quarter worth about $27,000. Board of the Pension Protection Fund purchased a new stake in Medtronic during the 4th quarter valued at about $29,000. Finally, GoalVest Advisory LLC purchased a new stake in Medtronic during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of analyst reports. Daiwa Securities Group reduced their price objective on shares of Medtronic from $117.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, February 27th. TD Cowen reiterated a “buy” rating and issued a $119.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Barclays increased their price target on shares of Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. Truist Financial reduced their price target on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research report on Thursday, June 4th. Finally, UBS Group decreased their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.00.

Medtronic Price Performance

NYSE MDT opened at $80.42 on Friday. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The stock has a 50-day moving average of $79.52 and a 200 day moving average of $89.80. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.87 and a current ratio of 2.13. The company has a market capitalization of $102.95 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 2.15 and a beta of 0.58.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for 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 business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic’s payout ratio is currently 76.14%.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’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 sale, the executive vice president 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.26% of the company’s stock.

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).