South Dakota Investment Council Reduces Medtronic Shares

The South Dakota Investment Council has decided to reduce its holdings in Medtronic plc (NYSE:MDT - Free Report) by 10.2% during the fourth quarter of the previous year. According to the latest Form 13F filing submitted to the Securities and Exchange Commission (SEC), the institutional investor now owns 250,757 shares of the medical technology company after selling 28,345 shares during that quarter. By the end of this reporting period, the value of South Dakota Investment Council's shares in Medtronic was approximately $20,030,000.

Other Institutional Changes

Several other large investors have also adjusted their stakes in Medtronic. For instance, State Street Corp increased its position by 0.9% over the third quarter, now holding 60,731,367 shares valued at around $5.5 billion after acquiring an additional 520,027 shares. Pzena Investment Management LLC also grew its stake in Medtronic by 3.3% during the same period, which now stands at 8,582,993 shares worth about $772.7 million following the purchase of 275,870 shares. UBS Asset Management saw a notable increase of 436.7% in its investmet, acquiring 5,975,110 shares, bringing its total to 7,343,385 shares valued at approximately $661.1 million. Additionally, Fisher Asset Management LLC and Stifel Financial Corp also raised their investments in Medtronic during the quarter. In total, institutional investors own about 82.06% of Medtronic's stock.

Insider Transactions

Related to insider activities, EVP Brett A. Wall sold 12,437 shares on January 24th for an average price of $90.00, totaling $1,119,330. Following this transaction, Wall's direct holdings in the company amounted to 40,979 shares, representing a value of approximately $3,688,110. This sale reflects a 23.28% decrease in his stake, as disclosed in a filing with the SEC. Currently, corporate insiders hold about 0.20% of Medtronic's stock.

Medtronic Stock Performance

As of Friday, Medtronic's shares opened at $89.95. The company maintains a debt-to-equity ratio of 0.48, a current ratio of 1.90, and a quick ratio of 1.39. The market capitalization stands at $115.34 billion, and the price-to-earnings ratio is 27.34. Medtronic's 52-week range is between $75.96 and $93.08. In its latest earnings report released on February 18th, the company reported earnings of $1.39 per share, which was $0.03 above the consensus estimate of $1.36. The revenue for the quarter reached $8.29 billion, slightly lower than analysts' expectations of $8.33 billion. Medtronic achieved a return on equity of 14.07% and a net margin of 12.83%. Analysts project that Medtronic will have earnings per share of 5.46 for the current fiscal year.

Dividend Declared

Moreover, Medtronic has recently announced a quarterly dividend of $0.70, paid on January 10th to investors who were on record as of December 27th. This amount corresponds to an annualized dividend of $2.80, establishing a dividend yield of 3.11%. The ex-dividend date was also on December 27th, with Medtronic's current dividend payout ratio calculated at 85.11%.

Analyst Insights

Medtronic has been the subject of numerous research analyst reports. For example, Truist Financial reduced its price target for Medtronic from $93 to $89 while maintaining a "hold" rating. Meanwhile, UBS Group increased its price target from $85 to $95 but also retained a "neutral" rating. Several firms, including Needham & Company LLC and Robert W. Baird, reiterated their hold and neutral ratings as well. Overall, one analyst issued a sell rating, nine analysts graded it as a hold, five rated it as a buy, and one gave it a strong buy recommendation. The consensus rating among analysts for Medtronic currently stands at "Hold" with a target price of $95.00.

Company Overview

Medtronic plc is involved in developing, manufacturing, and selling device-based medical therapies worldwide, serving healthcare systems, physicians, and patients. It offers a comprehensive range of cardiovascular products, including implantable cardiac pacemakers, cardioverter defibrillators, and various other cardiac monitoring devices.

Investment, Shares, Medtronic, SEC, Institutional