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 0.77% to 118.32 million shares with purchase of 0.9 million shares. This fresh investment now brings its stake to 8.90% valued currently at $10.33 billion. In addition, BlackRock Fund Advisors raised its holdings by 2.83 million to 69.4 million shares. And SSgA Funds Management, Inc. has lifted its position by 1.60% or 0.93 million shares – to 58.99 million shares.
With over 8.29 million Medtronic plc (MDT) shares trading Monday and a closing price of $82.29 on the day, the dollar volume was approximately $682.42 million. The shares have shown a negative half year performance of -21.07% and its price on 11/21/22 gained nearly 1.22%. Currently, there are 1.33B common shares owned by the public and among those 1.33B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 29 analysts who have offered their price forecasts for MDT have a consensus price objective of $99.67. The analysts have set the share’s price value over the next 12 months at a high of $127.00 and a low of $85.00. The average price target is 20.58% above its recent price level and an upside to the estimated low will see the stock gain 3.19% over that period. But an upside of 35.2% will see the stock hit the forecast high price target while median target price for the stock is $97.00.
Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 194,198 shares. Insider sales of the common stock occurred on 25 occasions, with total insider shares sold totaling 158,190 shares.
The top 3 mutual fund holders in Medtronic plc are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and SPDR S&P 500 ETF Trust. Vanguard Total Stock Market Index owns 39.91 million shares of the company’s stock, all valued at over $3.49 billion. The company bought an additional 0.19 million shares recently to bring their total holdings to about 3.00% of the shares outstanding. Vanguard 500 Index Fund bought 0.3 million shares to see its total holdings expand to 30.4 million shares valued at over $2.66 billion and representing 2.29% of the shares outstanding. SPDR S&P 500 ETF Trust sold -0.15 million shares to bring its total holdings to over 14.97 million shares at a value of $1.31 billion. SPDR S&P 500 ETF Trust now owns shares totaling to 1.13% of the shares outstanding.
Shares of Medtronic plc (NYSE: MDT) opened at $81.51, up $0.21 from a prior closing price of $81.30. However, the script later moved the day high at 83.44, up 1.22%. The company’s stock has a 5-day price change of -0.74% and -8.79% over the past three months. MDT shares are trading -20.45% year to date (YTD), with the 12-month market performance down to -29.80% lower. It has a 12-month low price of $79.19 and touched a high of $118.80 over the same period. MDT has an average intraday trading volume of 6.41 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 -1.77%, -2.31%, and -13.73% respectively.
Institutional ownership of Medtronic plc (NYSE: MDT) shares accounts for 84.70% of the company’s 1.33B shares outstanding. Mutual fund holders own 36.95%, while other institutional holders and individual stakeholders account for 47.31% and 0.18% respectively.
It has a market capitalization of $107.55B and a beta (3y monthly) value of 0.77. The stock’s trailing 12-month PE ratio is 21.28, while the earnings-per-share (ttm) stands at $3.87. The company has a PEG of 6.59 and a Quick Ratio of 1.20 with the debt-to-equity ratio at 0.44. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.35% over the week and 2.11% over the month.
Analysts forecast that Medtronic plc (MDT) will achieve an EPS of $1.28 for the current quarter, $1.4 for the next quarter and $5.85 for 2024. The lowest estimate earnings-per-share for the quarter is $1.25 while analysts give the company a high EPS estimate of $1.29. Comparatively, EPS for the current quarter was $1.32 a year ago. Earnings per share for the fiscal year are expected to increase by 44.20%, and 5.86% over the next financial year. EPS should shrink at an annualized rate of 3.23% over the next five years, compared to 5.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 29 brokerage firm advisors rate Medtronic plc (MDT) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 14 of the 29 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the MDT, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on November 16, 2022, with the firm’s price target at $85. Barclays coverage for the Medtronic plc (MDT) stock in a research note released on October 18, 2022 offered a Equal Weight rating with a price target of $90. Mizuho was of a view on October 13, 2022 that the stock is Buy, while Jefferies gave the stock Hold rating on October 12, 2022, issuing a price target of $87. Raymond James on their part issued Mkt Perform rating on August 24, 2022.