85,154 Shares in Medtronic PLC $MDT Acquired by Purpose Unlimited Inc.

Key Points

• Purpose Unlimited Inc. opened a new position in Medtronic, buying 85,154 shares worth about $8.18 million in the fourth quarter, according to its latest SEC filing.
• Medtronic’s stock is seeing mixed but generally constructive analyst sentiment: several firms reiterated or adjusted ratings, and the consensus remains “Moderate Buy” with a $99 average price target.
• The company recently reported better-than-expected quarterly earnings and revenue and raised its dividend to $0.72 per share quarterly, bringing the annualized yield to about 3.6%.

Purpose Unlimited Inc. acquired a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 85,154 shares of the medical technology company's stock, valued at approximately $8,182,000.

Several other large investors have also recently bought and sold shares of MDT. Curbstone Financial Management Corp raised its holdings in Medtronic by 1.8% in the fourth quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company's stock worth $537,000 after purchasing an additional 100 shares during the period. New England Capital Financial Advisors LLC increased its position in shares of Medtronic by 7.8% in the 4th quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company's stock valued at $135,000 after buying an additional 101 shares in the last quarter. Ipsen Advisor Group LLC raised its stake in Medtronic by 1.7% during the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company's stock worth $572,000 after buying an additional 101 shares during the period. Quadrant Capital Group LLC raised its stake in Medtronic by 0.3% during the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock worth $3,120,000 after buying an additional 101 shares during the period. Finally, Baker Tilly Wealth Management LLC lifted its holdings in Medtronic by 3.3% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 3,221 shares of the medical technology company's stock worth $309,000 after acquiring an additional 102 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the subject of a number of research analyst reports. TD Cowen reissued a "buy" rating and issued a $119.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Wells Fargo & Company dropped their price target on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Barclays lifted their price objective on Medtronic from $118.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft decreased their price objective on Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. Finally, The Goldman Sachs Group lowered their target price on Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on 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 approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company's stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $79.37 on Friday. The firm has a market cap of $101.90 billion, a PE ratio of 21.28, a PEG ratio of 2.13 and a beta of 0.58. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The company has a fifty day moving average price of $80.13 and a 200 day moving average price of $90.50.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The firm had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the prior year, the company earned $1.62 EPS. The company's revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be issued a dividend of $0.72 per share. The ex-dividend date is Friday, June 26th. This is a boost from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic's dividend payout ratio is 76.14%.

Medtronic 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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