Park National Corp OH Lowers Position in Medtronic PLC $MDT

Park National Corp OH lowered its stake in Medtronic PLC (NYSE:MDT) by 12.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,898 shares of the medical technology company’s stock after selling 13,988 shares during the quarter. Park National Corp OH’s holdings in Medtronic were worth $8,879,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. WCM Investment Management LLC purchased a new position in shares of Medtronic in the 1st quarter worth $965,922,000. Capital Research Global Investors increased its position in Medtronic by 12.6% during the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after acquiring an additional 3,880,174 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in Medtronic by 37.2% in the second quarter. First Eagle Investment Management LLC now owns 13,783,983 shares of the medical technology company’s stock valued at $1,078,321,000 after acquiring an additional 3,739,288 shares during the period. Cullen Capital Management LLC purchased a new position in Medtronic in the second quarter worth about $202,764,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Medtronic by 74.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,236,247 shares of the medical technology company’s stock valued at $406,934,000 after purchasing an additional 1,805,524 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Medtronic from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, September 4th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday. Needham & Company LLC restated a “buy” rating on shares of Medtronic in a research note on Thursday, September 17th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $92.00 target price on shares of Medtronic in a research report on Thursday, September 3rd. Finally, Stifel Nicolaus boosted their price target on Medtronic from $80.00 to $95.00 and gave the company a “hold” rating in a report on Wednesday, September 2nd. Nineteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.92.

Insider Activity

In other news, EVP Harry Kiil sold 1,483 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $93.65, for a total transaction of $138,882.95. Following the sale, the executive vice president directly owned 42,186 shares in the company, valued at approximately $3,950,718.90. This represents a 3.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Medtronic Price Performance

MDT stock traded up $1.38 during midday trading on Monday, hitting $87.76. The company’s stock had a trading volume of 17,111,818 shares, compared to its average volume of 9,463,930. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a 50 day moving average of $90.15 and a two-hundred day moving average of $84.76. The firm has a market capitalization of $112.26 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 1.97 and a beta of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, beating the consensus estimate of $1.39 by $0.06. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The business had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $9.55 billion. During the same quarter in the prior year, the firm earned $1.26 EPS. The business’s revenue was up 13.7% on a year-over-year basis. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. On average, analysts expect that Medtronic PLC will post 5.98 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be issued a $0.72 dividend. The ex-dividend date is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.3%. Medtronic’s payout ratio is 70.94%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures devices, therapies and healthcare solutions for treating chronic and acute conditions. Its products are used in areas including cardiac and vascular care, neuroscience, medical and surgical procedures, and diabetes management.

The company’s portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, stents and other cardiovascular products; neuromodulation systems, deep-brain stimulation devices and spinal technologies; surgical instruments, robotic-assisted surgery systems and gastrointestinal diagnostic tools; and insulin pumps and related diabetes technologies.

Medtronic traces its origins to 1949, when Earl Bakken and Palmer Hermundslie founded the company in Minneapolis, Minnesota.