Convergence Investment Partners LLC Buys 21,196 Shares of Medtronic PLC $MDT

Key Points

• Convergence Investment Partners increased its Medtronic stake by 82.8% in the first quarter, buying 21,196 additional shares and bringing its total holding to 46,789 shares worth about $4.05 million.
• Medtronic reported quarterly earnings and revenue that beat Wall Street estimates, with EPS of $1.55 versus $1.54 expected and revenue of $9.81 billion versus $9.62 billion expected.
• The company also raised its quarterly dividend to $0.72 per share, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $98.21.

Convergence Investment Partners LLC raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 82.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,789 shares of the medical technology company's stock after buying an additional 21,196 shares during the quarter. Convergence Investment Partners LLC's holdings in Medtronic were worth $4,054,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Lodestone Wealth Management LLC bought a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. Anfield Capital Management LLC lifted its stake in Medtronic by 410.7% in the 4th 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 stake in Medtronic in the 4th quarter worth approximately $27,000. Acumen Wealth Advisors LLC bought a new position in Medtronic in the 4th quarter valued at $29,000. Finally, Imprint Wealth LLC bought a new position in Medtronic in the 3rd quarter valued at $31,000. 82.06% of the stock is currently owned by institutional investors.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was 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 filing with the SEC, which is accessible through this link. Company insiders own 0.26% of the company's stock.

Medtronic Stock Performance

NYSE MDT opened at $83.29 on Tuesday. Medtronic PLC has a 52-week low of $73.31 and a 52-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 company has a market capitalization of $106.61 billion, a P/E ratio of 22.33, a P/E/G ratio of 2.23 and a beta of 0.56. The company has a fifty day moving average of $79.68 and a 200-day moving average of $87.84.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm's quarterly revenue was up 9.9% compared to the same quarter last year. During the same period 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. As a group, equities research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is currently 77.21%.

Analysts Set New Price Targets

MDT has been the topic of several research analyst reports. 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. TD Cowen dropped their price objective on Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, July 10th. Evercore set a $105.00 target price on Medtronic in a research report on Monday, July 6th. BTIG Research restated a "buy" rating and issued a $91.00 target price on shares of Medtronic in a research note on Monday, July 13th. Finally, Wells Fargo & Company lowered their price target on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus target price of $98.21.

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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