Cullen Capital Management LLC Buys Shares of 2,591,898 Medtronic PLC $MDT

Cullen Capital Management LLC bought a new stake in Medtronic PLC (NYSE:MDT) in the second quarter, Holdings Channel.com reports. The institutional investor bought 2,591,898 shares of the medical technology company’s stock, valued at approximately $202,764,000. Medtronic accounts for approximately 2.0% of Cullen Capital Management LLC’s investment portfolio, making the stock its 19th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Madison Asset Management LLC boosted its position in Medtronic by 15.0% during the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock valued at $18,752,000 after purchasing an additional 25,527 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of Medtronic by 0.4% during the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock worth $939,009,000 after purchasing an additional 40,196 shares in the last quarter. Gradient Investments LLC lifted its holdings in shares of Medtronic by 3.9% during the 2nd quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company’s stock valued at $38,842,000 after buying an additional 18,509 shares during the last quarter. Czech National Bank lifted its holdings in shares of Medtronic by 4.7% during the 2nd quarter. Czech National Bank now owns 365,443 shares of the medical technology company’s stock valued at $28,589,000 after buying an additional 16,292 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Medtronic by 12.7% in the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company’s stock valued at $75,988,000 after buying an additional 89,111 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several recent research reports. Piper Sandler reissued a “neutral” rating on shares of Medtronic in a research report on Monday, August 10th. Stifel Nicolaus set a $80.00 target price on shares of Medtronic in a research report on Wednesday, June 3rd. UBS Group upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $100.00 in a report on Tuesday, July 28th. JPMorgan Chase & Co. reduced their price target on Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Finally, Evercore set a $105.00 price objective on Medtronic in a report on Monday, July 6th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.83.

Medtronic Trading Down 0.5%

Medtronic stock opened at $92.92 on Tuesday. The business’s 50-day simple moving average is $84.64 and its 200-day simple moving average is $85.87. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The firm has a market capitalization of $118.94 billion, a PE ratio of 24.91, a PEG ratio of 2.50 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last released 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. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the firm posted $1.62 EPS. The company’s revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, September 25th. Medtronic’s dividend payout ratio is presently 77.21%.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction 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 directly owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.26% of the stock is currently owned by company insiders.

About Medtronic

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).