Balefire LLC Has $3.32 Million Holdings in Medtronic PLC $MDT

Key Points

• Balefire LLC increased its Medtronic stake by 62.5% in the first quarter, buying 14,760 shares and bringing its total holding to 38,358 shares worth about $3.32 million.
• Several analysts trimmed price targets on Medtronic, but sentiment remains constructive overall: the stock still has an average rating of “Moderate Buy” with an average target price of $98.21.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, and it also raised its quarterly dividend to $0.72 per share.

Balefire LLC lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 62.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,358 shares of the medical technology company's stock after purchasing an additional 14,760 shares during the quarter. Balefire LLC's holdings in Medtronic were worth $3,324,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Lodestone Wealth Management LLC bought a new stake in Medtronic during the 4th quarter worth about $27,000. Anfield Capital Management LLC boosted its stake in shares of Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares during the last quarter. Monetary Solutions Ltd bought a new position in shares of Medtronic in the 4th quarter valued at about $27,000. Acumen Wealth Advisors LLC bought a new position in shares of Medtronic in the 4th quarter valued at about $29,000. Finally, Imprint Wealth LLC acquired a new stake in shares of Medtronic in the third quarter valued at about $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the topic of several analyst reports. Citigroup dropped their target price on Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. Evercore set a $105.00 price target on Medtronic in a research note on Monday, July 6th. Leerink Partners lowered their price target on Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research report on Thursday, June 4th. JPMorgan Chase & Co. dropped their price objective on Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Finally, Rothschild & Co Redburn cut their price objective on Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a report on Friday, June 5th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $98.21.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company's stock.

Medtronic Stock Performance

NYSE MDT opened at $83.20 on Monday. The stock has a market cap of $106.50 billion, a PE ratio of 22.30, a P/E/G ratio of 2.23 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The firm has a 50-day moving average of $79.50 and a 200-day moving average of $87.94. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last announced 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 business 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 14.51%. Medtronic's quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts anticipate that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a $0.72 dividend. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. Medtronic's dividend payout ratio (DPR) is currently 77.21%.

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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