Ascentis Independent Advisors Sells 11,711 Shares of Medtronic PLC $MDT

Key Points

• Ascentis Independent Advisors cut its Medtronic stake by 93.6%, selling 11,711 shares and retaining 803 shares valued at approximately $63,000. Institutional investors collectively own 82.06% of Medtronic.
• Medtronic reported quarterly revenue of $9.81 billion and adjusted earnings of $1.55 per share, narrowly exceeding analyst estimates; revenue increased 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, equating to a $2.88 annualized payout and a 3.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.83.

Ascentis Independent Advisors decreased its position in Medtronic PLC (NYSE:MDT - Free Report) by 93.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 803 shares of the medical technology company's stock after selling 11,711 shares during the period. Ascentis Independent Advisors' holdings in Medtronic were worth $63,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. New England Capital Financial Advisors LLC grew its stake in Medtronic by 7.8% in the fourth quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company's stock valued at $135,000 after purchasing an additional 101 shares in the last quarter. Ipsen Advisor Group LLC boosted its holdings in shares of Medtronic by 1.7% in the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company's stock valued at $572,000 after buying an additional 101 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Medtronic by 0.3% in the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock valued at $3,120,000 after buying an additional 101 shares during the last quarter. Rossby Financial LCC grew its stake in shares of Medtronic by 5.1% in the fourth quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company's stock valued at $211,000 after buying an additional 107 shares in the last quarter. Finally, Wealthspire Retirement LLC grew its stake in shares of Medtronic by 5.0% in the fourth quarter. Wealthspire Retirement LLC now owns 2,410 shares of the medical technology company's stock valued at $232,000 after buying an additional 114 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction 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 completion of the transaction, the executive vice president directly owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by corporate insiders.

Medtronic Price Performance

Medtronic stock opened at $91.10 on Friday. The company has a market capitalization of $116.62 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 2.45 and a beta of 0.55. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The stock's 50 day moving average is $83.20 and its 200-day moving average is $86.36.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data 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 return on equity of 14.51% and a net margin of 13.20%.The firm had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter last year, the business earned $1.62 EPS. The company's quarterly revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts expect that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

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

Analyst Ratings Changes

MDT has been the topic of several analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $118.00 price target on shares of Medtronic in a research report on Thursday, June 4th. Jefferies Financial Group reissued a "hold" rating and issued a $88.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. BTIG Research restated a "buy" rating and set a $91.00 price objective on shares of Medtronic in a research note on Monday, July 13th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Finally, Leerink Partners cut their target price on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $98.83.

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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