Canandaigua National Bank & Trust Co. Takes $926,000 Position in Medtronic PLC $MDT

Key Points

• Canandaigua National Bank & Trust acquired 11,842 Medtronic shares worth approximately $926,000 in the second quarter. Institutional investors collectively own 82.06% of Medtronic’s stock.
• Medtronic exceeded quarterly expectations, reporting $1.55 in EPS versus the $1.54 consensus and $9.81 billion in revenue, up 9.9% year over year. The company also raised its quarterly dividend to $0.72 per share, yielding about 3.3% annually.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $98.83 price target, although several firms recently lowered their targets. Medtronic shares opened at $85.98, below the consensus target.

Canandaigua National Bank & Trust Co. acquired a new stake in Medtronic PLC (NYSE:MDT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,842 shares of the medical technology company's stock, valued at approximately $926,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Madison Asset Management LLC boosted its holdings in Medtronic by 15.0% in the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock valued at $18,752,000 after acquiring an additional 25,527 shares during the last quarter. Ticino Wealth bought a new stake in shares of Medtronic in the 4th quarter valued at $2,049,000. First Eagle Investment Management LLC increased its position in shares of Medtronic by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock worth $939,009,000 after buying an additional 40,196 shares during the period. KBC Group NV raised its stake in Medtronic by 5.2% during the fourth quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock worth $41,354,000 after buying an additional 21,384 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in Medtronic by 12.7% in the fourth quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock valued at $75,988,000 after buying an additional 89,111 shares during the period. 82.06% of the stock is owned by institutional investors.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value 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. The trade was a 10.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

Medtronic Stock Performance

MDT opened at $85.98 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The company has a market cap of $110.06 billion, a price-to-earnings ratio of 23.05, a PEG ratio of 2.31 and a beta of 0.55. The company's fifty day moving average price is $81.47 and its two-hundred day moving average price is $86.76.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter in the previous year, the business earned $1.62 EPS. The company's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, analysts expect 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 issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.3%. This is an increase from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date was Friday, June 26th. Medtronic's dividend payout ratio is 77.21%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Piper Sandler reiterated a "neutral" rating and set a $85.00 price target on shares of Medtronic in a report on Tuesday, June 16th. JPMorgan Chase & Co. cut their target price on Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Weiss Ratings cut Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 21st. Mizuho lowered their target price on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company dropped their price target on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

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).

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source