Arax Advisory Partners Has $2.63 Million Position in Medtronic PLC $MDT

Key Points

• Arax Advisory Partners cut its Medtronic stake by 44.6% in the fourth quarter, leaving it with 27,363 shares valued at about $2.63 million.
• Medtronic’s latest quarterly results beat expectations, with EPS of $1.55 and revenue of $9.81 billion, while revenue rose 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, implying an annualized yield of about 3.6%.

Arax Advisory Partners cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 44.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,363 shares of the medical technology company's stock after selling 22,008 shares during the period. Arax Advisory Partners' holdings in Medtronic were worth $2,628,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Lodestone Wealth Management LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Anfield Capital Management LLC boosted its holdings in Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after purchasing an additional 230 shares in the last quarter. Board of the Pension Protection Fund acquired a new position in Medtronic during the fourth quarter worth $29,000. GoalVest Advisory LLC bought a new position in shares of Medtronic in the 4th quarter valued at approximately $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Medtronic in the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Buying and Selling at Medtronic

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on MDT. The Goldman Sachs Group reduced their price objective on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. Truist Financial cut their price objective on Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. Leerink Partners decreased their target price on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Finally, Weiss Ratings lowered 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $99.00.

Medtronic Stock Down 0.1%

MDT opened at $80.11 on Monday. The firm has a market cap of $102.85 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The firm's 50-day simple moving average is $80.85 and its 200-day simple moving average is $91.29. Medtronic PLC has a twelve month low of $73.31 and a twelve month 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 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The company's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts anticipate that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

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

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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