Corient Private Wealth LLC Increases Stake in Medtronic PLC $MDT

Key Points

• Corient Private Wealth LLC increased its Medtronic stake by 6.7% in the fourth quarter, adding 37,920 shares to bring its total holding to 601,950 shares worth about $57.8 million.
• Medtronic posted solid quarterly results, beating EPS expectations with $1.55 per share and generating $9.81 billion in revenue, up 9.9% year over year.
• The company raised its dividend to $0.72 per share quarterly, while analysts remain mixed with a consensus “Moderate Buy” rating and an average price target of $99.00.

Corient Private Wealth LLC grew its position in Medtronic PLC (NYSE:MDT - Free Report) by 6.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 601,950 shares of the medical technology company's stock after buying an additional 37,920 shares during the period. Corient Private Wealth LLC's holdings in Medtronic were worth $57,845,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Monetary Solutions Ltd purchased a new position in Medtronic in the 4th quarter worth approximately $27,000. Lodestone Wealth Management LLC bought a new position in Medtronic in the 4th quarter valued at approximately $27,000. Anfield Capital Management LLC boosted its stake in Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 230 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in Medtronic during the 4th quarter valued at $29,000. Finally, GoalVest Advisory LLC bought a new stake in shares of Medtronic in the 4th quarter worth $29,000. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

MDT stock opened at $79.37 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. 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 $101.90 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. The stock's fifty day moving average price is $80.13 and its 200-day moving average price is $90.50.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.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 prior year, the business earned $1.62 earnings per share. Medtronic's revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is currently 76.14%.

Analyst Ratings Changes

Several research firms have recently weighed in on MDT. Deutsche Bank Aktiengesellschaft decreased their price target on Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a research note on Thursday, June 4th. UBS Group dropped their price objective on Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Piper Sandler reiterated a "neutral" rating and issued a $85.00 price objective on shares of Medtronic in a report on Tuesday. Weiss Ratings lowered Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Finally, The Goldman Sachs Group lowered their target price on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and an average target price of $99.00.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on 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 owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is owned by 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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