Aaron Wealth Advisors LLC Cuts Stock Holdings in Medtronic PLC $MDT

Key Points

• Aaron Wealth Advisors LLC cut its Medtronic stake by 51.2% in the first quarter, selling 14,885 shares and leaving it with 14,181 shares worth about $1.23 million.
• Medtronic recently reported better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, while revenue rose 9.9% from a year earlier.
• The company also raised its quarterly dividend to $0.72 per share, and analysts currently rate the stock a Moderate Buy with a consensus price target of $99.00.

Aaron Wealth Advisors LLC reduced its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 51.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,181 shares of the medical technology company's stock after selling 14,885 shares during the quarter. Aaron Wealth Advisors LLC's holdings in Medtronic were worth $1,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC lifted its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after buying an additional 37,265 shares during the period. Sivia Capital Partners LLC raised its holdings in shares of Medtronic by 9.6% during the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock valued at $380,000 after acquiring an additional 381 shares in the last quarter. Jump Financial LLC purchased a new stake in Medtronic in the second quarter worth $299,000. Main Street Financial Solutions LLC lifted its stake in Medtronic by 28.9% in the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock worth $1,251,000 after acquiring an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC boosted its holdings in Medtronic by 21.3% in the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock valued at $1,676,000 after acquiring an additional 3,376 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on MDT shares. Wells Fargo & Company reduced their price objective on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Stifel Nicolaus set a $80.00 target price on shares of Medtronic in a research report on Wednesday, June 3rd. UBS Group cut their target price on shares of Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Finally, Weiss Ratings lowered shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Medtronic Trading Up 0.5%

Shares of Medtronic stock opened at $80.94 on Friday. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The company's fifty day simple moving average is $79.39 and its 200-day simple moving average is $89.74. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.87. The stock has a market capitalization of $103.60 billion, a PE ratio of 21.70, a P/E/G ratio of 2.16 and a beta of 0.58.

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

Medtronic Increases Dividend

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

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is owned by insiders.

About Medtronic

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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