Bank of America Corp DE Boosts Stock Position in Medtronic PLC $MDT

Bank of America Corp DE raised its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 5.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,015,003 shares of the medical technology company's stock after purchasing an additional 1,343,220 shares during the quarter. Bank of America Corp DE owned 2.03% of Medtronic worth $2,254,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Curbstone Financial Management Corp boosted its stake in Medtronic by 1.8% in the fourth quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company's stock valued at $537,000 after acquiring an additional 100 shares during the last quarter. New England Capital Financial Advisors LLC lifted 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 during the last quarter. Ipsen Advisor Group LLC grew its holdings in Medtronic by 1.7% during the fourth quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company's stock valued at $572,000 after purchasing an additional 101 shares during the period. Quadrant Capital Group LLC increased its position in Medtronic by 0.3% in the fourth quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock worth $3,120,000 after buying an additional 101 shares during the last quarter. Finally, Rossby Financial LCC raised 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 during the period. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Robert W. Baird lowered their price objective on Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Needham & Company LLC restated a "buy" rating and set a $101.00 price target on shares of Medtronic in a research note on Wednesday, June 17th. Sanford C. Bernstein reduced their price objective on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Rothschild & Co Redburn cut their price target on Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a report on Friday, June 5th. Finally, Stifel Nicolaus set a $80.00 price objective on Medtronic in a research note on Wednesday, June 3rd. Eighteen 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 company currently has an average rating of "Moderate Buy" and an average target price of $98.83.

Medtronic Stock Performance

Shares of MDT opened at $85.74 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average price of $80.80 and a 200-day moving average price of $87.08. The company has a market cap of $109.75 billion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 2.35 and a beta of 0.56. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33.

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

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were given a dividend of $0.72 per share. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.4%. Medtronic's dividend payout ratio (DPR) is 77.21%.

Insider Transactions at Medtronic

In other Medtronic 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 transaction of $336,963.16. Following the completion of the sale, the executive vice president owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is currently owned by company insiders.

Medtronic 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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