Cambridge Investment Research Advisors Inc. Raises Stake in Medtronic PLC $MDT

Key Points

• Cambridge Investment Research Advisors increased its Medtronic stake by 7.6% in the second quarter, bringing its holdings to 241,070 shares valued at approximately $18.9 million. Institutional investors collectively own 82.06% of the company.
• Analysts maintain a “Moderate Buy” consensus on Medtronic, with 18 Buy ratings and nine Holds and an average price target of $98.83, although several firms recently lowered their targets.
• Medtronic reported quarterly revenue of $9.81 billion and adjusted earnings of $1.55 per share, slightly exceeding expectations. The company also raised its quarterly dividend to $0.72 per share, representing a 3.2% annualized yield.

Cambridge Investment Research Advisors Inc. boosted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 241,070 shares of the medical technology company's stock after acquiring an additional 17,053 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Medtronic were worth $18,859,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Anfield Capital Management LLC grew its stake in shares of Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after purchasing an additional 230 shares in the last quarter. Monetary Solutions Ltd purchased a new position in Medtronic in the fourth quarter valued at $27,000. Acumen Wealth Advisors LLC acquired a new stake in Medtronic in the fourth quarter valued at $29,000. Imprint Wealth LLC acquired a new stake in Medtronic in the third quarter valued at $31,000. Finally, Basepoint Wealth LLC purchased a new stake in Medtronic during the 4th quarter worth about $32,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MDT shares. Piper Sandler reaffirmed a "neutral" rating on shares of Medtronic in a research report on Monday. Wells Fargo & Company cut their target price on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Stifel Nicolaus set a $80.00 target price on Medtronic in a research note on Wednesday, June 3rd. Jefferies Financial Group reaffirmed a "hold" rating and issued a $88.00 price target on shares of Medtronic in a report on Thursday, June 4th. Finally, Robert W. Baird dropped their price target on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.83.

Medtronic Trading Down 0.1%

NYSE:MDT opened at $90.69 on Friday. The stock's 50 day moving average price is $83.01 and its 200 day moving average price is $86.33. The company has a market capitalization of $116.09 billion, a PE ratio of 24.31, a P/E/G ratio of 2.43 and a beta of 0.55. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. 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 issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts anticipate that Medtronic PLC will post 5.94 EPS for the current 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 paid a dividend of $0.72 per share. The ex-dividend date was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. This is an increase from Medtronic's previous quarterly dividend of $0.71. 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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