South Dakota Investment Council Reduces Stake in Medtronic plc

The South Dakota Investment Council has reduced its shareholding in Medtronic plc (NYSE:MDT) by 10.2% during the fourth quarter, according to its latest Form 13F filing with the SEC. After selling 28,345 shares, the council now holds a total of 250,757 shares in the renowned medical technology company. As of the end of the most recent reporting period, these holdings are valued at approximately $20,030,000.

Other significant investors have also adjusted their positions in Medtronic. For instance, State Street Corp increased its stake by 0.9% in the third quarter, now owning 60,731,367 shares worth around $5.51 billion after acquiring an additional 520,027 shares. Meanwhile, Pzena Investment Management LLC raised its stake by 3.3%, now holding 8,582,993 shares valued at about $772.73 million following the purchase of 275,870 shares.

UBS Asset Management Americas LLC made a notable increase, boosting its ownership by a massive 436.7%, resulting in a total of 7,343,385 shares worth approximately $661.13 million after adding 5,975,110 shares. Fisher Asset Management LLC also climbed its stake by 11.5%, now holding 5,893,720 shares valued at about $530.61 million, having acquired an additional 609,391 shares. Furthermore, Stifel Financial Corp increased its stake by 2.9%, owning 5,842,020 shares valued at around $525.96 million after purchasing 164,700 shares.

Currently, hedge funds and institutional investors collectively own about 82.06% of Medtronic's stock.

Insider Transactions at Medtronic

In a related development, EVP Brett A. Wall sold 12,437 shares of Medtronic on January 24th. The shares were sold at an average price of $90.00, resulting in a total transaction value of about $1,119,330. This sale reduced Wall's stake by 23.28%, leaving him with 40,979 shares valued at approximately $3,688,110. The transaction was disclosed in a filing with the SEC, which is accessible on their website.

Medtronic's Stock Performance

As of recent trading, shares of Medtronic opened at $89.95. The company holds a market capitalization of $115.34 billion, with a price-to-earnings ratio of 27.34, and maintains a reasonable debt-to-equity ratio of 0.48. The stock has shown significant movement, having a 1-year high of $93.08 and a low of $75.96.

Recently, Medtronic announced its earnings results for the quarter ending February 18, reporting an earnings per share of $1.39, exceeding the analysts' expectations of $1.36. The total revenue for the quarter was $8.29 billion against a forecast of $8.33 billion. Analysts project that Medtronic plc will see an EPS of 5.46 for the current fiscal year.

Dividend Information

Medtronic recently paid a quarterly dividend of $0.70 on January 10th, resulting in an annualized dividend of $2.80, giving a yield of 3.11%. The ex-dividend date was noted as December 27th. Currently, the company's dividend payout ratio stands at 85.11%.

Analyst Forecasts for Medtronic

Medtronic has been discussed in various research reports, with analysts providing different outlooks. Truist Financial lowered its target price from $93.00 to $89.00, maintaining a "hold" rating. Conversely, UBS Group raised the target from $85.00 to $95.00, with a neutral rating. Needham & Company reiterated a "hold," while Robert W. Baird increased their target to $91.00. Royal Bank of Canada issued an "outperform" rating with a target of $105.00. The consensus rating for Medtronic stands as "Hold," with a target price averaging $95.00 based on reports from MarketBeat.com.

About Medtronic plc

Medtronic plc specializes in developing, manufacturing, and selling medical devices aimed at improving healthcare systems and patient outcomes globally. Their product line includes a wide array of therapies, particularly within the cardiovascular sector, featuring devices like pacemakers and defibrillators.

Investment, Shares, Stake, Dividends, Stocks