Artisan Partners Reduces Stake in Medtronic to $104.89 Million

Artisan Partners Limited Partnership has decreased its holdings in Medtronic PLC (NYSE:MDT) by 2.0%, now owning shares valued at approximately $104.89 million. According to its recent Form 13F filing with the Securities and Exchange Commission, Artisan Partners held 1,203,236 shares at the end of the second quarter, after selling 24,514 shares during that period. This adjustment reflects a broader trend among institutional investors that have been actively buying and selling shares of the medical technology company.

Several other investment firms have also made changes to their positions in Medtronic. For instance, Gilbert & Cook Inc. increased its stake by 1.9%, acquiring an additional 114 shares to reach a total of 6,103 shares, now valued at $532,000. Similarly, Red Spruce Capital LLC raised its holdings by 0.5%, owning 23,707 shares worth $2.07 million, while Certior Financial Group LLC experienced a 3.7% increase in its stake during the first quarter, totaling 3,450 shares valued at $310,000. Notably, Motco significantly lifted its position by 27.0% in the first quarter, now holding 635 shares worth $57,000. Currently, institutional investors own approximately 82.06% of Medtronic’s stock.

As of Thursday, shares of Medtronic opened at $100.12. The company’s stock performance has been stable, with a 50-day moving average price of $94.80 and a 200-day moving average price of $90.70. With a market capitalization of $128.42 billion, Medtronic has a price-to-earnings (P/E) ratio of 27.58 and a price-to-earnings growth (PEG) ratio of 2.42. The stock has fluctuated between a 52-week low of $79.29 and a high of $102.59.

Medtronic recently reported its quarterly earnings on November 18, 2023, announcing earnings per share (EPS) of $1.36, surpassing analysts’ expectations of $1.31 by $0.05. The company generated revenues of $8.96 billion, exceeding the consensus estimate of $8.86 billion, and showing a 6.6% increase compared to the same quarter last year. Medtronic has projected its fiscal year 2026 EPS guidance between $5.620 and $5.660, while analysts forecast an average EPS of $5.46 for the current year.

In terms of analyst ratings, various investment research firms have expressed differing views on Medtronic’s stock. Leerink Partners has set a price target of $120.00 and rated the stock as “outperform.” Meanwhile, Royal Bank of Canada raised its target from $111.00 to $118.00, also rating it as “outperform.” Wells Fargo & Company increased their price objective from $100.00 to $114.00 with an “overweight” rating. Conversely, Wall Street Zen downgraded the stock from “buy” to “hold.” Currently, the average recommendation stands at “Moderate Buy” with a target price of $108.50.

In insider trading news, Harry Skip Kiil, Executive Vice President, sold 8,605 shares of Medtronic on September 3, 2023, at an average price of $91.58, totaling approximately $788,045.90. Following this transaction, he holds 35,615 shares valued at roughly $3.26 million, reflecting a 19.46% decrease in his ownership. On the other hand, William R. Jellison, a Director, purchased 2,500 shares on August 25, 2023, for about $230,925.00, doubling his total shares to 5,000, valued at approximately $461,850.

Medtronic PLC is a global leader in medical technology, dedicated to developing and providing innovative device-based therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its comprehensive product portfolio includes various cardiovascular devices, remote monitoring systems, and software solutions designed to enhance patient care and outcomes.