Beacon Investment Advisory Services Inc. Acquires 75,767 Shares of Medtronic PLC $MDT

Key Points

• Beacon Investment Advisory Services increased its Medtronic stake by 8,759.2%, purchasing 75,767 additional shares and ending the quarter with 76,632 shares valued at approximately $6.0 million. Institutional investors collectively own 82.06% of MDT.
• Analysts maintain a generally positive outlook, with 18 Buy ratings and nine Holds, producing a “Moderate Buy” consensus and an average price target of $98.83.
• Medtronic exceeded quarterly earnings and revenue estimates, reporting $1.55 EPS and $9.81 billion in revenue, while raising its quarterly dividend to $0.72 per share, or $2.88 annually, for a 3.3% yield.

Beacon Investment Advisory Services Inc. increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 8,759.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,632 shares of the medical technology company's stock after purchasing an additional 75,767 shares during the period. Beacon Investment Advisory Services Inc.'s holdings in Medtronic were worth $5,995,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MDT. Norges Bank bought a new position in shares of Medtronic during the 4th quarter worth approximately $1,653,485,000. WCM Investment Management LLC bought a new stake in shares of Medtronic in the 1st quarter valued at $965,922,000. Capital Research Global Investors increased its stake in shares of Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock valued at $3,321,101,000 after acquiring an additional 3,880,174 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock valued at $970,456,000 after acquiring an additional 2,658,981 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Medtronic by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company's stock valued at $12,388,027,000 after acquiring an additional 1,888,381 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MDT shares. Weiss Ratings cut shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Needham & Company LLC reissued a "buy" rating and set a $101.00 price objective on shares of Medtronic in a research report on Wednesday, June 17th. Mizuho reduced their target price on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Evercore set a $105.00 target price on Medtronic in a research report on Monday, July 6th. Finally, Rothschild & Co Redburn decreased their target price on Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a research report on Friday, June 5th. Eighteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.83.

Insider Buying and Selling

In related 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 transaction of $336,963.16. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.26% of the company's stock.

Medtronic Stock Up 1.4%

Medtronic stock opened at $87.14 on Friday. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. 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's 50-day simple moving average is $81.94 and its 200 day simple moving average is $86.68. The stock has a market cap of $111.54 billion, a PE ratio of 23.36, a price-to-earnings-growth ratio of 2.30 and a beta of 0.55.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 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 firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the business posted $1.62 EPS. The company'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. Research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared 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. 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 dividend on an annualized basis and a dividend yield of 3.3%. Medtronic's dividend payout ratio (DPR) is 77.21%.

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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