Clare Market Investments LLC Takes Position in Medtronic PLC $MDT

Key Points

• Clare Market Investments LLC opened a new position in Medtronic during the first quarter, buying 13,827 shares valued at about $1.2 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 on revenue of $9.81 billion, and revenue rose 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, implying an annualized yield of about 3.4%; meanwhile, analyst sentiment remains Moderate Buy with an average price target of $98.96.

Clare Market Investments LLC bought a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 13,827 shares of the medical technology company's stock, valued at approximately $1,198,000.

A number of other large investors also recently added to or reduced their stakes in the business. Curbstone Financial Management Corp lifted its holdings in shares of Medtronic by 1.8% in the fourth quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company's stock worth $537,000 after buying an additional 100 shares in the last quarter. New England Capital Financial Advisors LLC boosted its stake in Medtronic by 7.8% during 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 buying an additional 101 shares during the last quarter. Ipsen Advisor Group LLC boosted its stake 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 buying an additional 101 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Medtronic by 0.3% during the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock valued at $3,120,000 after buying an additional 101 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC grew its holdings in Medtronic by 3.3% during the 4th quarter. Baker Tilly Wealth Management LLC now owns 3,221 shares of the medical technology company's stock valued at $309,000 after buying an additional 102 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the 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 completion of the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Medtronic Stock Up 2.9%

Shares of NYSE:MDT opened at $85.51 on Tuesday. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The business's 50 day moving average is $79.04 and its 200 day moving average is $89.00. The stock has a market cap of $109.45 billion, a P/E ratio of 22.96, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the company posted $1.62 earnings per share. The firm'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. Sell-side analysts predict that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.4%. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic's payout ratio is presently 77.21%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MDT. Needham & Company LLC reissued a "buy" rating and issued a $101.00 price objective on shares of Medtronic in a research note on Wednesday, June 17th. Piper Sandler reissued a "neutral" rating and set a $85.00 price objective on shares of Medtronic in a research note on Tuesday, June 16th. Rothschild & Co Redburn dropped their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a research note on Friday, June 5th. Jefferies Financial Group reissued a "hold" rating and issued a $88.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Finally, UBS Group dropped their target price on Medtronic from $90.00 to $85.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average price target of $98.96.

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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