Ascentis Wealth Management LLC Grows Position in Medtronic PLC $MDT

Ascentis Wealth Management LLC lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 3,008.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 213,477 shares of the medical technology company's stock after purchasing an additional 206,610 shares during the period. Ascentis Wealth Management LLC's holdings in Medtronic were worth $16,700,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in Medtronic by 1,368.0% in the fourth 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 in the last quarter. Sivia Capital Partners LLC boosted its position 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 purchasing an additional 381 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Medtronic during the second quarter valued at approximately $299,000. Main Street Financial Solutions LLC grew 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 purchasing an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC grew its position in shares of Medtronic by 21.3% in the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock worth $1,676,000 after buying an additional 3,376 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research note on Wednesday, June 3rd. BTIG Research reissued a "buy" rating and set a $91.00 price objective on shares of Medtronic in a research note on Monday, July 13th. Piper Sandler restated a "neutral" rating on shares of Medtronic in a report on Monday. Wells Fargo & Company decreased their target price on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a research note on Thursday, June 4th. Finally, Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $98.83.

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.26% of the company's stock.

Medtronic Stock Down 0.1%

NYSE:MDT opened at $90.69 on Friday. The firm has a market cap of $116.09 billion, a P/E ratio of 24.31, a P/E/G ratio of 2.43 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The firm has a 50-day simple moving average of $83.01 and a two-hundred day simple moving average of $86.33.

Medtronic (NYSE:MDT - Get Free Report) last posted 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 analysts' expectations of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. Medtronic's payout ratio is 77.21%.

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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