The Vanguard Group, Inc. recently announced the acquisition of new stake in Medtronic Plc (NYSE:MDT). The institutional investor has increased its shareholding in the Healthcare company by 0.17% to 120.38 million shares with purchase of 0.2 million shares. This fresh investment now brings its stake to 9.05% valued currently at $9.92 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.88 million to 70.19 million shares. And Capital Research & Management Co has lifted its position by 2.02% or 0.64 million shares – to 32.13 million shares.
Currently, there are 1.33B common shares owned by the public and among those 1.33B shares have been available to trade.
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Insiders at the company have transacted a total of 58 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 207,332 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 76,029 shares.
The top 3 mutual fund holders in Medtronic Plc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and SPDR S&P 500 ETF Trust. Vanguard Total Stock Market ETF owns 41.77 million shares of the company’s stock, all valued at over $3.44 billion. The company bought an additional 63107.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund bought 48036.0 shares to see its total holdings expand to 32.49 million shares valued at over $2.68 billion and representing 2.44% of the shares outstanding. SPDR S&P 500 ETF Trust sold 89157.0 shares to bring its total holdings to over 16.3 million shares at a value of $1.34 billion. SPDR S&P 500 ETF Trust now owns shares totaling to 1.23% of the shares outstanding.
The company’s stock has a 5-day price change of 1.12% and 24.26% over the past three months. MDT shares are trading 6.14% year to date (YTD), with the 12-month market performance up to 6.84% higher. It has a 12-month low price of $68.84 and touched a high of $92.02 over the same period. MDT has an average intraday trading volume of 6.36 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.29%, 6.86%, and 6.14% respectively.
Institutional ownership of Medtronic Plc (NYSE: MDT) shares accounts for 84.38% of the company’s 1.33B shares outstanding. Mutual fund holders own 37.74%, while other institutional holders and individual stakeholders account for 47.03% and 0.19% respectively.
It has a market capitalization of $116.26B and a beta (3y monthly) value of 0.79. The stock’s trailing 12-month PE ratio is 28.41, while the earnings-per-share (ttm) stands at $3.08. The company has a PEG of 8.43 and a Quick Ratio of 1.69 with the debt-to-equity ratio at 0.49. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.63% over the week and 1.55% over the month.
Analysts forecast that Medtronic Plc (MDT) will achieve an EPS of $1.26 for the current quarter, $1.45 for the next quarter and $5.45 for 2025. The lowest estimate earnings-per-share for the quarter is $1.25 while analysts give the company a high EPS estimate of $1.27. Comparatively, EPS for the current quarter was $1.3 a year ago. Earnings per share for the fiscal year are expected to decrease by -2.41%, and 5.53% over the next financial year. EPS should shrink at an annualized rate of 3.37% over the next five years, compared to 4.43% over the past 5-year period.
Looking at the support for the MDT, a number of firms have released research notes about the stock. Robert W. Baird stated their Neutral rating for the stock in a research note on July 19, 2023, with the firm’s price target at $90.
