Econ Financial Services Corp Has $4.96 Million Stock Position in Medtronic PLC $MDT

Key Points

• Econ Financial Services Corp increased its Medtronic stake by 50.4% in the first quarter, bringing its holding to 57,270 shares valued at about $4.96 million.
• Medtronic reported quarterly earnings of $1.55 per share, slightly above estimates, on $9.81 billion in revenue, which also topped expectations and rose 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share from $0.71, implying an annualized dividend of $2.88 and a yield of about 3.6%.

Econ Financial Services Corp boosted its position in Medtronic PLC (NYSE:MDT - Free Report) by 50.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 57,270 shares of the medical technology company's stock after purchasing an additional 19,204 shares during the period. Medtronic comprises 2.3% of Econ Financial Services Corp's holdings, making the stock its 11th largest position. Econ Financial Services Corp's holdings in Medtronic were worth $4,962,000 at the end of the most recent quarter.

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

Medtronic Stock Performance

Shares of NYSE MDT opened at $80.94 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.87. The firm has a market cap of $103.60 billion, a price-to-earnings ratio of 21.70, a P/E/G ratio of 2.16 and a beta of 0.58. The stock's fifty day moving average price is $79.39 and its two-hundred day moving average price is $89.74. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33.

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, beating analysts' consensus estimates 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 business posted $1.62 earnings per share. Medtronic'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, equities analysts forecast that Medtronic PLC will post 5.94 EPS 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 $0.72 dividend. The ex-dividend date is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. Medtronic's dividend payout ratio (DPR) is presently 76.14%.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 37,227 shares of the company's stock, valued at $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.26% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MDT shares. Stifel Nicolaus set a $80.00 price target on Medtronic in a report on Wednesday, June 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. The Goldman Sachs Group cut their target price on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Finally, Mizuho reduced their target price on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, June 3rd. Seventeen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $99.00.

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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