Rathbones Group PLC Lowers Stock Position in Medtronic PLC $MDT

Rathbones Group PLC cut its position in shares of Medtronic PLC (NYSE:MDT) by 19.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,746 shares of the medical technology company’s stock after selling 12,766 shares during the period. Rathbones Group PLC’s holdings in Medtronic were worth $5,067,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Medtronic by 1.5% during 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 purchasing an additional 1,888,381 shares in the last quarter. State Street Corp increased its position in Medtronic by 1.0% during the third quarter. State Street Corp now owns 60,460,537 shares of the medical technology company’s stock worth $5,800,550,000 after purchasing an additional 625,992 shares during the last quarter. Bank of New York Mellon Corp increased its position in Medtronic by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 21,468,260 shares of the medical technology company’s stock worth $2,044,637,000 after purchasing an additional 192,410 shares during the last quarter. Raymond James Financial Inc. boosted its stake in Medtronic by 3.0% during the third quarter. Raymond James Financial Inc. now owns 11,203,865 shares of the medical technology company’s stock worth $1,067,055,000 after buying an additional 327,899 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after buying an additional 2,658,981 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Piper Sandler lowered their target price on shares of Medtronic from $105.00 to $91.00 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. Mizuho decreased their price target on shares of Medtronic from $125.00 to $120.00 and set an “outperform” rating for the company in a research note on Monday, April 13th. Truist Financial decreased their price target on shares of Medtronic from $103.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, April 15th. Jefferies Financial Group reissued a “hold” rating and set a $95.00 price objective on shares of Medtronic in a report on Thursday, April 23rd. Finally, Leerink Partners reissued an “outperform” rating and set a $119.00 price objective on shares of Medtronic in a report on Tuesday, March 10th. Fifteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $106.45.

Trending Headlines about Medtronic

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic said the SPR Therapeutics purchase will strengthen its neuromodulation portfolio by adding temporary peripheral nerve stimulation technology for chronic pain, a move that could support longer-term growth and broaden its treatment offerings. PR Newswire article
• Positive Sentiment: Reuters reported that the deal expands Medtronic’s portfolio of treatments for chronic pain, reinforcing the company’s strategy to grow in higher-value medical device categories. Reuters article
• Neutral Sentiment: Piper Sandler maintained its Hold rating on Medtronic, suggesting analysts are not yet signaling a major re-rating from the news. The Globe and Mail article
• Neutral Sentiment: Healthcare stocks were mixed in afternoon trading, so broader sector movement does not appear to be the main driver of Medtronic’s move. Yahoo Finance sector update
• Negative Sentiment: Some market commentary framed the SPR deal as a reason for MDT’s stock to slide, likely reflecting concern about acquisition costs and execution risk. Blockonomi article

Medtronic Stock Performance

Shares of MDT opened at $78.11 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The stock has a market capitalization of $100.29 billion, a P/E ratio of 21.76, a P/E/G ratio of 1.86 and a beta of 0.62. The company’s fifty day moving average is $83.71 and its two-hundred day moving average is $93.25. Medtronic PLC has a 1 year low of $74.40 and a 1 year high of $106.33.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 17th. The medical technology company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. The company had revenue of $9.02 billion for the quarter, compared to analyst estimates of $8.89 billion. Medtronic had a net margin of 13.00% and a return on equity of 14.82%. The business’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 EPS. On average, sell-side analysts predict that Medtronic PLC will post 5.56 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Friday, March 27th. Medtronic’s payout ratio is presently 79.11%.

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).