Artisan Partners Reduces Stake in Medtronic to $104.89 Million

Artisan Partners Limited Partnership has decreased its stake 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, the fund held 1,203,236 shares after selling 24,514 shares during the second quarter of 2023.

Several other institutional investors have also adjusted their positions regarding Medtronic. For instance, Gilbert & Cook Inc. increased its holdings by 1.9%, acquiring an additional 114 shares to reach a total of 6,103 shares valued at $532,000. Similarly, Red Spruce Capital LLC raised its stake by 0.5%, now owning 23,707 shares worth $2.07 million after buying 118 additional shares.

Current Market Performance of Medtronic

On November 18, 2023, Medtronic’s stock opened at $100.12. The company currently has a market capitalization of $128.42 billion and a price-to-earnings (PE) ratio of 27.58. Medtronic’s shares have fluctuated between a 52-week low of $79.29 and a 52-week high of $102.59. The company reports a debt-to-equity ratio of 0.54, with a quick ratio of 1.50 and a current ratio of 2.01.

In its latest financial results, Medtronic posted earnings of $1.36 per share, exceeding analysts’ expectations of $1.31 by $0.05. The company achieved revenue of $8.96 billion for the quarter, surpassing estimates of $8.86 billion and representing a year-over-year increase of 6.6%. For fiscal year 2026, Medtronic has projected earnings per share guidance between $5.620 and $5.660.

Analysts’ Outlook and Insiders’ Transactions

Equity research analysts have recently provided varied ratings for Medtronic. Leerink Partners established a price target of $120.00 and rated the stock as “outperform.” Royal Bank of Canada raised its target from $111.00 to $118.00, also granting an “outperform” rating. Wells Fargo & Company increased its price objective from $100.00 to $114.00 while maintaining an “overweight” rating. In contrast, Wall Street Zen downgraded Medtronic from a “buy” to a “hold” rating.

Insider activities have also been noteworthy. Executive Vice President Harry Skip Kiil sold 8,605 shares at an average price of $91.58, totaling $788,045.90. Post-sale, he retains 35,615 shares valued at approximately $3.26 million. Meanwhile, Director William R. Jellison acquired 2,500 shares for a total of $230,925.00, marking a significant increase in his holdings.

As of the latest reports, institutional investors collectively own 82.06% of Medtronic’s stock, while company insiders hold a mere 0.26%.

Medtronic PLC continues to develop and provide device-based medical therapies globally, focusing on various segments, including cardiovascular devices and remote monitoring solutions.