First Financial Bankshares Inc Increases Stake in Medtronic PLC $MDT

Key Points

• First Financial Bankshares increased its Medtronic stake by 2.8% in the fourth quarter, buying 19,105 additional shares and bringing its total holding to 708,496 shares worth about $68.1 million.
• Medtronic reported solid quarterly results, with earnings per share of $1.55 and revenue of $9.81 billion, both slightly ahead of expectations. Revenue rose 9.9% from a year earlier.
• The company raised its dividend to $0.72 per share from $0.71, implying an annualized payout of $2.88 and a yield of 3.6%. Meanwhile, analysts currently have a consensus rating of “Moderate Buy” with an average price target of $99.00.

First Financial Bankshares Inc boosted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 2.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 708,496 shares of the medical technology company's stock after buying an additional 19,105 shares during the period. First Financial Bankshares Inc owned approximately 0.06% of Medtronic worth $68,058,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Artisan Partners Limited Partnership raised its stake in shares of Medtronic by 2.6% during the third quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company's stock valued at $117,579,000 after purchasing an additional 31,314 shares during the period. CSM Advisors LLC increased its stake in shares of Medtronic by 13.2% in the third quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company's stock worth $27,169,000 after buying an additional 33,167 shares during the last quarter. SageView Advisory Group LLC increased its stake in shares of Medtronic by 164.8% in the third quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company's stock worth $2,305,000 after buying an additional 15,062 shares during the last quarter. Madison Asset Management LLC lifted its position in shares of Medtronic by 15.0% in the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after buying an additional 25,527 shares during the last quarter. Finally, Bleakley Financial Group LLC lifted its holdings in Medtronic by 17.8% in the third quarter. Bleakley Financial Group LLC now owns 87,313 shares of the medical technology company's stock worth $8,316,000 after acquiring an additional 13,177 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

MDT stock opened at $80.28 on Friday. The company has a market capitalization of $103.07 billion, a P/E ratio of 21.52, a PEG ratio of 1.95 and a beta of 0.58. The company has a 50-day simple moving average of $80.97 and a 200 day simple moving average of $91.46. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. The business 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 14.61%. The company's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MDT. Needham & Company LLC lowered their target price on Medtronic from $120.00 to $101.00 and set a "buy" rating for the company in a report on Wednesday, June 3rd. Robert W. Baird reduced their price target on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Wells Fargo & Company reduced their price target on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a report on Thursday, June 4th. TD Cowen reissued a "buy" rating and set a $119.00 price target on shares of Medtronic in a report on Thursday, June 4th. Finally, Daiwa Securities Group reduced their price target on shares of Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a report on Friday, February 27th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $99.00.

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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