Glenmede Trust Co. NA Decreases Stake in Medtronic PLC $MDT

Glenmede Trust Co. NA lowered its position in shares of Medtronic PLC (NYSE:MDT) by 24.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 376,068 shares of the medical technology company’s stock after selling 118,675 shares during the quarter. Glenmede Trust Co. NA’s holdings in Medtronic were worth $32,586,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Monetary Solutions Ltd bought a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. Anfield Capital Management LLC lifted its holdings in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 230 shares during the period. Acumen Wealth Advisors LLC bought a new stake in Medtronic during the fourth quarter worth $29,000. Imprint Wealth LLC purchased a new position in Medtronic in the third quarter worth $31,000. Finally, Basepoint Wealth LLC purchased a new position in Medtronic in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the 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 approximately $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group reaffirmed a “hold” rating and set a $88.00 target price on shares of Medtronic in a research report on Thursday, June 4th. The Goldman Sachs Group cut their price target on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Weiss Ratings lowered shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 21st. UBS Group upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $100.00 in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Medtronic from $100.00 to $78.00 and set a “hold” rating for the company in a report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.83.

Medtronic Stock Down 0.1%

Medtronic stock opened at $85.64 on Friday. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The firm has a market capitalization of $109.62 billion, a price-to-earnings ratio of 22.96, a P/E/G ratio of 2.29 and a beta of 0.56. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The firm has a 50 day simple moving average of $80.94 and a 200 day simple moving average of $87.07.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is presently 77.21%.

Medtronic Company 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).