Cetera Investment Advisers Purchases 47,721 Shares of Medtronic PLC $MDT

Key Points

• Cetera Investment Advisers increased its Medtronic stake by 7.4% in the first quarter, buying 47,721 more shares and bringing its total holding to 696,767 shares valued at about $60.4 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, both slightly ahead of analyst estimates. Revenue also rose 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, equal to an annualized yield of 3.5%, while analysts currently have a consensus rating of Moderate Buy with an average price target of $98.21.

Cetera Investment Advisers boosted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 696,767 shares of the medical technology company's stock after acquiring an additional 47,721 shares during the period. Cetera Investment Advisers owned 0.05% of Medtronic worth $60,375,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the period. Sivia Capital Partners LLC lifted its position in Medtronic by 9.6% in the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock worth $380,000 after purchasing an additional 381 shares during the period. Jump Financial LLC bought a new position in Medtronic in the second quarter worth $299,000. Main Street Financial Solutions LLC boosted its stake in Medtronic by 28.9% during the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock worth $1,251,000 after buying an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC increased its holdings in Medtronic by 21.3% in the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock valued at $1,676,000 after buying an additional 3,376 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 1.4%

MDT stock opened at $83.12 on Friday. 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 twelve month low of $73.31 and a twelve month high of $106.33. The company has a market cap of $106.40 billion, a P/E ratio of 22.28, a PEG ratio of 2.20 and a beta of 0.56. The business has a fifty day moving average of $80.15 and a 200-day moving average of $87.52.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping 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 company had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the previous year, the company earned $1.62 EPS. Medtronic's revenue 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 research analysts expect that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed 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. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. Medtronic's payout ratio is presently 77.21%.

Analysts Set New Price Targets

Several analysts have recently weighed in on MDT shares. Piper Sandler reiterated a "neutral" rating and set a $85.00 target price on shares of Medtronic in a research report on Tuesday, June 16th. Wells Fargo & Company cut their price target on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a research note on Thursday, June 4th. Needham & Company LLC reaffirmed a "buy" rating and set a $101.00 price objective on shares of Medtronic in a report on Wednesday, June 17th. Weiss Ratings downgraded Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Finally, Leerink Partners dropped their target price on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company 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 company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares of the company's stock, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by company insiders.

About Medtronic

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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