Swedbank AB reduces its position in Medtronic plc (NYSE:MDT)

VaselineAugust 17, 2024

0 4 minutes read

Swedbank AB lowered its holdings in Medtronic plc (NYSE:MDT – Free Report) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 555,969 shares of the medical technology company’s stock after selling 9,873 shares during the quarter. Swedbank AB’s holdings in Medtronic were worth $43,760,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC grew its position in Medtronic by 2.5% in the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after acquiring an additional 302 shares during the period. Tennessee Valley Asset Management Partners acquired a new stake in Medtronic during the fourth quarter valued at approximately $60,000. Mackenzie Financial Corp increased its stake in Medtronic by 11.5% during the fourth quarter. Mackenzie Financial Corp now owns 477,512 shares of the medical technology company’s stock valued at $39,337,000 after purchasing an additional 49,270 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Medtronic by 20.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 646,339 shares of the medical technology company’s stock worth $53,245,000 after buying an additional 108,231 shares. of shares in the respective period. Finally, Tyche Wealth Partners LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $438,000. 82.06% of the shares are currently held by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of NYSE:MDT opened at $84.60 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.55, and a debt-to-equity ratio of 0.47. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $89.18. The company has a fifty day simple moving average of $80.00 and a 200 day simple moving average of $82.37. The firm has a market cap of $108.48 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82.

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Medtronic (NYSE:MDT – Get Your Free Report ) last announced its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. In the same period last year, the company earned $1.57 per share. Medtronic’s quarterly revenue was up 0.5% compared to the same quarter last year. As a group, sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27. This represents a dividend of $2.80 on an annualized basis and a dividend yield of 3.31%. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst upgrades and downgrades

MDT has been the subject of several recent analyst reports. Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the company from $76.00 to $90.00 in a research note on Thursday. Citigroup cut their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, July 17th. Finally, Truist Financial reduced their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $91.30, according to MarketBeat.

Read our latest research report on MDT

Insiders place their bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. Insiders hold 0.30% of the company’s stock.

Medtronic profile

(Free Report)

Medtronic plc develops, manufactures and sells device-based medical therapies to healthcare systems, physicians, clinicians and patients worldwide. Its cardiovascular portfolio segment offers implantable pacemakers, cardioverter defibrillators and cardiac resynchronization therapy devices; cardiac ablation products; implantable cardiac monitoring systems; TYRX products; and remote monitoring and patient-centric software.