28,448 Shares in Medtronic PLC $MDT Purchased by Sciencast Management LP

Key Points

• Sciencast Management LP acquired 28,448 Medtronic shares in the second quarter, valued at approximately $2.23 million. Institutional investors collectively own 82.06% of the company.
• Analysts maintain a “Moderate Buy” consensus, with 18 Buy ratings and nine Holds, despite several firms lowering price targets; the average target is $98.83 versus a recent share price of $90.69.
• Medtronic exceeded quarterly earnings and revenue expectations, while revenue rose 9.9% year over year. The company also increased its quarterly dividend to $0.72, equivalent to a 3.2% annualized yield.

Sciencast Management LP acquired a new position in Medtronic PLC (NYSE:MDT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 28,448 shares of the medical technology company's stock, valued at approximately $2,225,000.

Other institutional investors also recently modified their holdings of the company. Madison Asset Management LLC boosted its holdings in shares of Medtronic by 15.0% in the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after buying an additional 25,527 shares during the last quarter. Ticino Wealth bought a new position in Medtronic during the fourth quarter valued at about $2,049,000. First Eagle Investment Management LLC increased its holdings in Medtronic by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock worth $939,009,000 after buying an additional 40,196 shares during the last quarter. KBC Group NV boosted its stake in Medtronic by 5.2% in the fourth quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock valued at $41,354,000 after acquiring an additional 21,384 shares during the last quarter. Finally, Gradient Investments LLC raised its holdings in shares of Medtronic by 3.9% in the 2nd quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company's stock worth $38,842,000 after purchasing an additional 18,509 shares during the period. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company's stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MDT. Sanford C. Bernstein dropped their price objective on Medtronic from $112.00 to $97.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. BTIG Research reissued a "buy" rating and issued a $91.00 target price on shares of Medtronic in a research report on Monday, July 13th. Wells Fargo & Company lowered their target price on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Stifel Nicolaus set a $80.00 price target on Medtronic in a research report on Wednesday, June 3rd. Finally, TD Cowen cut their price target on Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, July 10th. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.83.

Medtronic Stock Down 0.1%

Shares of NYSE:MDT opened at $90.69 on Friday. The firm has a fifty day moving average price of $83.01 and a two-hundred day moving average price of $86.33. The company has a market cap of $116.09 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 2.43 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the prior year, the firm posted $1.62 earnings per share. The business's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts anticipate that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a $0.72 dividend. The ex-dividend date was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is currently 77.21%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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