Ethic Inc. lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 8.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 158,467 shares of the medical technology company's stock after purchasing an additional 12,713 shares during the period. Ethic Inc.'s holdings in Medtronic were worth $12,397,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nicholson Wealth Management Group LLC increased its stake in shares of Medtronic by 3.0% during the second quarter. Nicholson Wealth Management Group LLC now owns 19,895 shares of the medical technology company's stock worth $1,556,000 after buying an additional 581 shares during the period. Keystone Financial Group boosted its holdings in Medtronic by 30.5% in the second quarter. Keystone Financial Group now owns 5,307 shares of the medical technology company's stock valued at $415,000 after purchasing an additional 1,240 shares in the last quarter. Ashton Thomas Private Wealth LLC increased its stake in Medtronic by 9.9% in the second quarter. Ashton Thomas Private Wealth LLC now owns 33,585 shares of the medical technology company's stock valued at $2,627,000 after purchasing an additional 3,037 shares during the last quarter. Waterloo Capital L.P. increased its stake in Medtronic by 13.5% in the second quarter. Waterloo Capital L.P. now owns 2,820 shares of the medical technology company's stock valued at $221,000 after purchasing an additional 336 shares during the last quarter. Finally, Cornerstone Planning Group LLC raised its holdings in Medtronic by 17.2% during the second quarter. Cornerstone Planning Group LLC now owns 1,099 shares of the medical technology company's stock worth $90,000 after purchasing an additional 161 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Medtronic
In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated Monday, June 8th. The shares were 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company's stock.
Medtronic Stock Performance
Shares of MDT opened at $91.10 on Friday. The company's 50 day simple moving average is $83.20 and its 200-day simple moving average is $86.36. The firm has a market cap of $116.62 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 2.43 and a beta of 0.55. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52.
Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. Medtronic's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities analysts predict that Medtronic PLC will post 5.94 EPS for the current year.
Medtronic Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a $0.72 dividend. The ex-dividend date of this dividend was 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 3.2%. Medtronic's dividend payout ratio is currently 77.21%.
Analysts Set New Price Targets
Several brokerages have recently weighed in on MDT. Truist Financial reduced their price objective on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. Piper Sandler reiterated a "neutral" rating on shares of Medtronic in a research note on Monday. BTIG Research reissued a "buy" rating and issued a $91.00 price target on shares of Medtronic in a research report on Monday, July 13th. Royal Bank Of Canada restated an "outperform" rating and issued a $118.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $88.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $98.83.
Check Out Our Latest Stock Analysis on MDT
About Medtronic
(
Free Report)
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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